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Maintenance Fees on large developments

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Mick868


Joined: 15/04/2007
Posts: 44

Message Posted:
26/03/2009 14:33

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Message 1 of 24 in Discussion

What is the current going rate for maintenance fees for 2 and 3 bedroom apartments on the large developments in TRNC and what are you actually getting for your money ?

All information gratefully received. Thanks.



Blackpoolfan


Joined: 03/12/2008
Posts: 1568

Message Posted:
26/03/2009 14:48

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Message 2 of 24 in Discussion

Mick

I'm at olive grove in Lapta a santa-fe site 14 ground floor and 14 penthouses with a large pool maintenance costs all in are 800 per year plus a 250 float in case of repairs.......



gates


Joined: 08/12/2008
Posts: 1096

Message Posted:
26/03/2009 15:20

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Message 3 of 24 in Discussion

try us http://www.braceybuilders.com



Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
26/03/2009 15:40

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Message 4 of 24 in Discussion

30 -40 per month should be max



Mick868


Joined: 15/04/2007
Posts: 44

Message Posted:
26/03/2009 20:09

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Message 5 of 24 in Discussion

Stewart,

What site is that and what do you get for 40 ? Or are you just speculating on what you feel it OUGHT to cost ?

Thanks.



Magbs


Joined: 26/02/2009
Posts: 278

Message Posted:
26/03/2009 22:05

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Message 6 of 24 in Discussion

Could you please expand on whether these days you are able to cover ALL (maintenance, local, taxes etc.) costs of owning a property by renting them out to holidaymakers? Its a bit personal question...Can anyone share experience?



Bootz


Joined: 16/01/2009
Posts: 46

Message Posted:
26/03/2009 22:18

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Message 7 of 24 in Discussion

Our site has 36 apartments and it's 35 per month, which includes the pool maintenance, gardening, communal stairwells and windows cleaned and the communal water and electric bills.



I think that's reasonable - yours sounds a lot?



the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
26/03/2009 22:25

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Message 8 of 24 in Discussion

Mick868,



I don't think you can generalise what you will pay on a complex. It all depends on how many apartments there are and how many facilities there are to pay for. On top of this you have communal electric and cleaning. Plus there maybe gardens to take care of. If there are 400 apartments on a site with few facilites you will pay a lot less than a site with 200 apartments with a lot of facilities and gardens. On our site we have three pools and gardens but only 57 properties to pay for them. So our charges are high.



The butlers wife



Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
26/03/2009 22:52

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Message 9 of 24 in Discussion

We have 162 apartments , we have gym , 2 very large pools , 1 small pool, large gardens , we pay 45 per month includes communal electric . suggest you have contract in situ so you know exactly what obligations owners and management company have to each other .



Mick868


Joined: 15/04/2007
Posts: 44

Message Posted:
26/03/2009 23:29

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Message 10 of 24 in Discussion

Thanks for your replies, folks.

At Turtle Bay Village there are 429 apartments / villas. It is a huge site with sports courts, indoor& outdoor gyms, outdoor chess, 7 pools (1 heated) and extensive irrigated gardens that will take a lot of maintaning. We have no reliable figures from 2008 so everyone is in the dark as to what a fair price is. Based on this info, has anyone any thoughts on what we should be paying ?



Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
26/03/2009 23:58

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Message 11 of 24 in Discussion

A good maintenance company would show owners a predicted annual budget , produce accounts , be transparant ,produce receipts , this should then show all owners a clear breakdown of costs , collating all of that info you could then work out how much you all should be paying .



the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
27/03/2009 17:28

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Message 12 of 24 in Discussion

Hi Mick868,



I would say at least 700 per year. I know you say there are 429 apartments but are all of these apartments sold and if yes, are they all paying their charges? 7 pools will cost an enormous amount of money to maintain, one is heated so more money. The water for the gardens and the pools alone will cost the earth, even though I have heard you have a desalination plant. The cost of things is going up all of the time as is wages. It is great having all these facilities on site but they do have to be paid for.





The butlers wife



sienna


Joined: 09/01/2009
Posts: 1627

Message Posted:
27/03/2009 17:51

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Message 13 of 24 in Discussion

I have to say Mick868 if you had compelte transparency and receipted accounts you would know how much the site costs to run as its been up and running sometime now ! but I understand your management company are one of those that are not so forthcoming with their figures.



Regards



RedSnapper


Joined: 12/08/2008
Posts: 540

Message Posted:
27/03/2009 22:02

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Message 14 of 24 in Discussion

It appears Turtle Bay Village is pulling 30 Grand a month in with incomplete facilities and unfinished tropical gardens...



Mick868


Joined: 15/04/2007
Posts: 44

Message Posted:
28/03/2009 01:35

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Message 15 of 24 in Discussion

Without going into detail, historic costs up to December 2008 are wholly unreliable at TBV. We have faith in the new manager and he has been very open with the planned budget for 2009 but the lack of previous costing details means that a lot of the 2009 costs are estimated. I think most accept that our site is going to be quite expensive to run but, not surprisingly, many owners still feel they are paying too much. I guess in a years time we'll know whether this year's budget has been correctly estimated or not. My original question was just to find out what sites comparable to TBV are currently paying.



cammy


Joined: 04/12/2008
Posts: 91

Message Posted:
28/03/2009 05:35

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Message 16 of 24 in Discussion

Turtle Bay was quoted to us at 80 per month.



piggy


Joined: 15/02/2009
Posts: 132

Message Posted:
28/03/2009 08:06

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Message 17 of 24 in Discussion

Not sure if anybody has mentioned it but the fees that are collected either monthly/yearly are they going into a separate bank account under the site name. So that any money sitting in the bank will accrue interest which can then be put into a sinking fund to allow for any "major works" programmed in the future. Or the money left over at the end of the year can come off the next years budget.



Your M/C should be doing this for you if they aren't already doing so.



sienna


Joined: 09/01/2009
Posts: 1627

Message Posted:
28/03/2009 08:48

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Message 18 of 24 in Discussion

Mick686 Turtle Bay and many other sites are the same, a better outlook then perhaps for yuo guys onTurtle Bay with a new Manager.



Piggy at last someone that agrees with me - exactly right exactly what should happen !!!!!!!!!!!!!!!!!!



Regards



Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
28/03/2009 13:45

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Message 19 of 24 in Discussion

Just a little word of warning.....some maintenance companies base there price on actual predicted / past costs..others charge what they think you should pay as a "rich" brit



Wonder which type your maintenance company is?



Easy to find out....checkout the costs ( company accounts )..see where the money is going



ps must stop complaining about my 20 per month cost!



LynxLtd


Joined: 24/04/2009
Posts: 46

Message Posted:
15/06/2009 11:34

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Message 20 of 24 in Discussion

We would be very happy to assist you in an impartial management agreement, committee setup, and proposal to manage your site- please contact Jackie at Lynx at 0392-8160314 or email jduba@lynxco.com. http://www.lynxcyprus.com



Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
15/06/2009 17:03

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Message 21 of 24 in Discussion

I think Lynx should be congratulated on being a very forward thinking company , it would be interesting to see what other companies are offering these services ?????



the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
15/06/2009 17:36

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Message 22 of 24 in Discussion

Hi Stewart,



With a little bit of work, it is relatively easy to find out what your core services cost. Communal electricity, water, pool cleaning, gardening, maintainence etc. You then ask a management company what their annual charge will be for managing the site. You add all these together and divide by the number of properties on site. You will need to build in a contingency fund for the unexpected breakdown, usually pool pumps, leaks etc.

Most management companies quote for a whole package and they are in it to make a huge profit from us brits.

The way forward is with a company who is prepared to go with the fund managed system. Where the owners are in control and all spending has to be approved by their appointed committee. All receipts and invoices have to be accounted for, and accounts open for inspection at all times. There are less than a handful of management companies offering this service at present. I wonder why, no prizes for guessing?



The butlers wife



RedSnapper


Joined: 12/08/2008
Posts: 540

Message Posted:
15/06/2009 21:51

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Message 23 of 24 in Discussion

To my experience Lynxco are very proffessional and trustworthy but as i understood had pulled out of management last year but may be mistaken.



I fully agree Butler that some management companies priorities lie in making a handsome profit and it is their main motive no matter what waffle they spout.



LynxLtd


Joined: 24/04/2009
Posts: 46

Message Posted:
16/06/2009 09:38

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Message 24 of 24 in Discussion

Thanks for your comments- for your information the only reason Lynx would cease management is due to consistent non-payment of fees with owners being disinterested in maintaining their investments which is rare.



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