I’ll start with some facts.
Small apartment development of 16 units. 8 ground floor apartments paying €400 per annum. 8 upper duplexes paying €600. Total fees to mgmt company of €8000 per annum.
Annual block insurance €3000 (has been rising).
Repairs and maintenance averages about €1500 per annum.
Development built 2005. Due to mismanagement for the first 10 years no sinking fund provided. Last 4 years has seen major improvements with arrears eliminated and close to €13,000 invested in upgrades and refurbishments. Place looks well now with proper accountability. Sinking fund account created this year with €8000 diverted to it.
There has not been an increase in service charges since the beginning (2005).
Sinking fund is obviously way behind where it should be for a 14 year old development. Complex at least is not gated nor contains lifts. Haven’t employed any professional to estimate future major expenditure events but common area wooden fencing is something we are all aware of. There’s a lot of it, it has been painted but one day it will need replacing.
I will have to get a vote on a fees increase but based on the above how much is warranted? Thanks
Small apartment development of 16 units. 8 ground floor apartments paying €400 per annum. 8 upper duplexes paying €600. Total fees to mgmt company of €8000 per annum.
Annual block insurance €3000 (has been rising).
Repairs and maintenance averages about €1500 per annum.
Development built 2005. Due to mismanagement for the first 10 years no sinking fund provided. Last 4 years has seen major improvements with arrears eliminated and close to €13,000 invested in upgrades and refurbishments. Place looks well now with proper accountability. Sinking fund account created this year with €8000 diverted to it.
There has not been an increase in service charges since the beginning (2005).
Sinking fund is obviously way behind where it should be for a 14 year old development. Complex at least is not gated nor contains lifts. Haven’t employed any professional to estimate future major expenditure events but common area wooden fencing is something we are all aware of. There’s a lot of it, it has been painted but one day it will need replacing.
I will have to get a vote on a fees increase but based on the above how much is warranted? Thanks