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Maintenance Fees & Company

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norths4me


Joined: 19/04/2007
Posts: 269

Message Posted:
01/02/2008 15:12

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Message 1 of 18 in Discussion

I was wondering what appears to be the average fees paid per apartments or villas on communal sites and what is covered within these fees. I would like feedback from persons who are part of a development that is established



It appears that 50 per month seem to be what all developers are quoting but have seen on other forums fees as much as 100 + per month



Also wondered if anyone would recomend a company that has been employed to look after their communal areas



Barrovian1



Joined: 16/11/2007
Posts: 95

Message Posted:
01/02/2008 15:42

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Message 2 of 18 in Discussion

On TBV at Esentepe its: -

2 bed / 2 bathroom appartment GBP 40 a month.

3 BED / 2 bathroom appartment GBP 50 a month.

I take it that you was asking about maintenance fees, this is for the upkeep of the site, which apparantly has 411 appartments.



Cheers

Bob.



norths4me


Joined: 19/04/2007
Posts: 269

Message Posted:
01/02/2008 17:12

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Message 3 of 18 in Discussion

Barrovian1



Thanks for your quick reply, Yes it is maintenance fees I was asking about. What company do you use and how effective do you find them ie. Is it money well spent?



the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
01/02/2008 17:37

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Message 4 of 18 in Discussion

Hi Norths4me,



The site we are on at Esentepe charged 475.00 for the 1st year and then last year we were told it was 1200.00. Yes that is correct over100% increase. So be very carefull and don't be complacent, always ask if the fees are likely to go up the following year.



Avril



norths4me


Joined: 19/04/2007
Posts: 269

Message Posted:
01/02/2008 17:43

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Message 5 of 18 in Discussion

Avril



That is awful. Can you not get rid of the management company and either employ another company or run it youselves?



How could they possibly justify charges as high as that



Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
01/02/2008 22:11

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Message 6 of 18 in Discussion

This is why it is important to elect a committee . You can then participate in the running of the complex . Seeing annual accounts of the management company , you can then see expeniture , remember you all own part of the complex so you are entitled to be in the driving seat .



the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
01/02/2008 23:34

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Message 7 of 18 in Discussion

Hi north4me & Pipie



The complex we are on is managed by the company who developed it. I won't mention the name as it could make things more difficult than they are. We

have a committee but are unable to see any accounts from the management.

It is a very awkward situation which the committee is working on but we are making very little progress. Any advice would be gratefully received.



A



HER INDOORS



Joined: 14/12/2007
Posts: 152

Message Posted:
02/02/2008 00:48

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Message 8 of 18 in Discussion

Hi Avril,



I have bought an apartment in Bogaz,(Hilltop Village ).Medview charged us 475 the first year and 1,249 incl VAT the second year for maintenance fees.

Due to pay again in April,but not yet had the figures.Medview are hoping not to increase the amount this year (or so they say).

A few people put their property up for sale during 2007 because of this increase in fees.

So if anyone is looking for a resale property,there are some bargains available.

I am really happy with my apartment,just not so happy about the maintenance fees!



Terri



Barrovian1



Joined: 16/11/2007
Posts: 95

Message Posted:
02/02/2008 08:53

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Message 9 of 18 in Discussion

Hi Norths4me

The Maintenance company on our site is Sharon Management, I did hear that it is Israeli owned.

The 40 pound that we pay in not justifiable at the moment. Phase 1 is completed, and we have moved in, but the place is still like a building site. Restaurnt, Mini-market, Beach area not ready. They say that the grounds will be complete, once the de-sal plant is finished at the end of February. I heard a rumour (only hearsay) that the maintenance fees will go up by 20% in October.



Bob.



Milou


Joined: 15/10/2007
Posts: 425

Message Posted:
02/02/2008 11:00

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Message 10 of 18 in Discussion

Barrovian1



It's very easy to set up your own management company, run your own affairs, control your own money, get a sinking fund going with all the usual legal guarantees IF enough peope who live in your complex are prepared to put in some work free of charge.



We at Sweetwaterbay have already drawn up a draft Memorandum, Residents' Association and a set of rules and regulations and we have spoken to lawyer in TRNC on how to set this up. If you want any info on this pse email me separately.



Hi North4Me, long time no hear - now you know why Keith and I are so eager for all of us to run our own affairs at our beautiful Sweetwater Bay!!



Regards



millzer


Joined: 12/04/2007
Posts: 978

Message Posted:
02/02/2008 11:07

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Message 11 of 18 in Discussion

I still remain to be convinced, especially when you look at the number of apartments on some sites, that it actually costs the sort of money quoted to run a complex, and if these management companies don't reveal the running costs then that only deepens my suspicions. Owners on these sites SHOULD ALL be told a breakdown of running costs EVERY year. I wonder, for example, how the company at Turtle Bay arrived at the charges they set with 411 apartments. Income of roughly 1/4 million per year in basic fees alone at average 45 per month + all the profits for other services keyholding, cleaning etc. I don't believe it would cost anywhere near that to run.



Barrovian1



Joined: 16/11/2007
Posts: 95

Message Posted:
02/02/2008 11:33

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Message 12 of 18 in Discussion

I agree with you Millzer

At the moment the Maintenance company employ a number of Pakistanis, who are just raking the soil about, to try and justify the maintenance fees.



Bob.



norths4me


Joined: 19/04/2007
Posts: 269

Message Posted:
02/02/2008 12:04

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Message 13 of 18 in Discussion

Hi Guys



Thanks for the Input, I had read about Medviews fees already. The more you read about this sort of rip of carry on the more people will get put of the North and then where would the developers be.



Milou I am in total agreement with you about running our own show but until all the development is complete, parcelised and all taxes have been paid and deeds issued then I am afraid we will be at the mercy of the developer.

This is what has happened with the Medview buyers and this is where all the problems can happen.



I am however confident in the proffessionalism of our developers so hope that we do not go down that road.



Millzer I am in total agreement with you.There is no justification for charges that take in that volume of money and then not to get a breakdown of accounts. When will these people see that they have to stop looking at the short term picture and making a fast buck, it is the same with the beach charges, people will get are getting fed up and you will shortly not have people to rip of as they will go elsewhere and will not bother with North Cyprus



Notsoboredhw


Joined: 15/03/2007
Posts: 1254

Message Posted:
02/02/2008 12:22

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Message 14 of 18 in Discussion

Barrovian1 - Hopefully the Committee will get to see some accounts possibly when they next meet this month - if they dont then they need to make sure they do because it is becoming a concern for everyone and Millzer is right - its an awful amount of money going where?? I do feel the guys that work on site do work hard but we need to know salaries for everyone, expenses, total of incoming money and how much everything costs.



the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
02/02/2008 12:23

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Message 15 of 18 in Discussion

Hi Terri,



snap, we are in the same position as yourselves with the same problems and dealing with the same people, only different complex.



A



millzer


Joined: 12/04/2007
Posts: 978

Message Posted:
02/02/2008 16:03

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Message 16 of 18 in Discussion

When we looked at Turtle bay we noted that they wanted two years up maintenance as a deposit IN ADDITION to having to pay the fees from day 1!!



Which begs the question, what happened to that money??? (approaching half a million pounds if everyone paid it!) Has it been spent? if so what on? If not, who's gaining the interest on it? And what are they going to do with it?!!!!!



Serious questions I think!



Notsoboredhw


Joined: 15/03/2007
Posts: 1254

Message Posted:
02/02/2008 16:11

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Message 17 of 18 in Discussion

Hi Martin



The money we had to pay was a security deposit (which works out as two years' up front). They keep this money if some of the owners decide not to pay the maintenance fees and then they use this. The interest being earned comes back to us if we decide to sell minus a percentage for the Management Company (possibly as an admin fee or something like that). It was explained to us.



The accounts should be available in the next month or so for us to look at (or that is what was promised last year anyway).



Barrovian1



Joined: 16/11/2007
Posts: 95

Message Posted:
03/02/2008 05:30

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Message 18 of 18 in Discussion

Hi BHW

Yes I totally agree with you, the guys do work hard, and the monies that we pay need justifying.



I am having problems trying to access my TBV owners forum. Grateful for your assistance Nicky.



Bob.



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