Property owners face risks if they fail to plug funding gap, experts warn
The Society of Chartered Surveyors Ireland says that almost nine out of 10 apartment block managers claim they do not enough cash to cover essential maintenance
However, the Society of Chartered Surveyors Ireland says that almost nine out of 10 apartment block managers claim they do not have enough cash to cover these costs.Birthday blues: when chief executives get reflective, companies suffer According to the SCSI, apartment owners contribute regularly to these funds, but most of those analysed for a report, which the organisation will publish on Wednesday, found that these reserves did not have enough cash.
However, surveyors found they generally give €200-€300 annually to pay for a block’s upkeep, leaving a significant shortfall.More than half the property managers that answered said less than 30 per cent of the apartment complexes for which they were responsible had adequate sinking funds. The report used real building costs to analyse nine blocks of varying size and age in Dublin to calculate the funds needed to maintain them over 20 years.
Mr Hollingsworth argued that owners should recognise that inadequate funds undermined managers’ ability to do essential repairs and replacement.
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