Inflated maintainence charges

You now have a property and need someone to look after it whilst you are away or renting it? This is the place to look and post!

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gordonroy43
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Hi

Postby gordonroy43 » Wed Nov 04, 2009 9:03 am

Hi,

Yes good points with a house, but you need plenty of good people around you or very good security as many with houses have had major issues with there houses broken into and traveler families moving in as per posts on other forums, in the complex where we are it is covered 24/7 by security and a guard so good and bad points on both.

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mememe
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Postby mememe » Wed Nov 04, 2009 9:51 am

Quite right gordonroy43 - Like most, I have my fingers crossed, neigh almost 'entwined', that I won't have any 'little visitors'. My house is currently part-renovated so it's a bit easier for me to take relatively simple precautions.

So as to make my property as unattractive as possible to such ne'er-do-wells, the house is totally devoid of anything of any value. All tools fittings etc, including the boiler and well pump, are stored in the basement of a Bulgarian friend's house in the centre of the village. It's not much trouble to pop the boiler and pump back in place when I visit - taking about an hour to do.

Although I acknowledge that their mere presence might attract attention, I have also made and fitted security bars on the ground floor and have a secure cupboard, about 1.5m cubed, set into the very fabric of the house on the ground floor with a strong, reinforced, steel-plated door on it.

So unless actual tiles, walls and bricks start 'walking' (as has happened to some, I admit), I hope to have no problems.... But still one never knows.

Anyway- I digress (sorry MOD) but I am still happier in a house than paying possibly gee-whizz level maintenance fees for an apartment.

But everyone to their own, of course.... :)

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Postby anna52 » Wed Nov 04, 2009 8:03 pm

hi i would not mind a job as a cleaner on that complex I have a villa in kosharitza villa zone and if any body is looking for maintenence on there properties then my partner and i would gladly offer our services at a much cheaper rate. never heard of a cleaner being given 900 leva per month. seriously if any body is looking for change overs or to keep an eye on there property please give me a call anna 0898940779 thanks

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Postby oldtimer » Wed Nov 04, 2009 8:10 pm

2 seasons ago cleaners could ask what they wanted as there was a major shortage of staff in Sunny Beach, this season thing were very different and wages were down not a lot but a little. Cost of everything else has increased, i;e lift contracts, pool chemicals, but complex's should give clients accounts, although I think a lot of complex's made mistakes in the beginning with charging, and running of them. I hope that in the end this will eventually sort itself out. Developers also have to remember that the money collected needs to be spent on the complex not a new car for them

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jac100
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comparison of maintenance charges and property management.

Postby jac100 » Wed Nov 11, 2009 9:57 pm

I am worried after reading all your post's. I am due to complete on my apartment soon and my maintenace contract for my per m2 is 12.5 Euro. for 36m2 studio, this is for the upkeep of communal area's of apartments, swimming pool, grounds/gardens, playground equipment, security. However I should mention their are over 1000 unit's, so you do your calculations. to be honest I regret buying this apartment and would like to sell asap, but I know this is not possible in the present financial climate and the amount of construction taking place in BG resorts.

I hope and pray I don't get any hefty price increase's. Incidently I am also buying an one bed apartment in Egypt and the maintance charge including all utilities, insurance, property manangement,concierge, maintenace of complex , upkeep of communal area and external maintenance of apartments service is 40 euro's a month, now that's good value.

Also in Turkey and maintenace charge for an 3 bed apartment that is high spec and say cost approximately 40K maintainance charge between £30-40 and if it is a mixed site with Turkish people it will be half of that. Property management £150 per annum, for this your propety is checked and your guests are greeted on arrival for no extra charge.

Bg is property managment fees and maintenace fees appears to be not on par with their counterparts, not sure why? Maybe it is because we Brits have got mugs written on our foreheads.

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brianj42
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Re: comparison of maintenance charges and property managemen

Postby brianj42 » Wed Nov 11, 2009 10:21 pm

jac100 wrote:Bg is property managment fees and maintenace fees appears to be not on par with their counterparts, not sure why? Maybe it is because we Brits have got mugs written on our foreheads.


The first year is underpriced thus clients don't get cold feet, plus theres a little bit of crap estimating thrown in there, second year it doubles, same story from virtually all properties in Bansko. Some people now paying close to €30+ sq mt maintenance. Even property management companies who sub contract blocks are held to ransom by the developer/owner, pay or lose, pass the charge on to owners.....

A lot of apartment complexes are now being contracted out to management companies and the owners/developers are charging what they want with hefty profit, sit back, drink the coffee. Then the management companies have to explain the bad news to apartment owners, but leave no choice.

Whenever people ask me for advice on buying here, I always tell them that the ongoing running costs are high....its a cash cow.

Not fair......But then the whole property thing here has never been fair to buyers. Who said extortion died with communism, they just call it maintenance charges now :?

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Postby Mat » Thu Nov 12, 2009 8:46 am

And to be fair, labour and other costs in the third world of Turkey and Egypt are slightly lower than BG

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Postby Anni » Thu Nov 12, 2009 1:00 pm

And to be even fairer, the same thing happens in the UK on complexes. Not a lot has changed since I owned on a complex in Glasgow in the late 80's.

Management companies are a law unto themselves.

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Postby brianj42 » Thu Nov 12, 2009 4:01 pm

We have friends with a 50 square metre apartment in Bansko which, when they bought were told that the annual costs of running was around €500. I warned them at the time that it was more like three times that but they were'nt too concerned as they expected rental.

This year their management fee trebled, they had ZERO income from rent, and the year 2008 - 2009 with all bills, taxes, rates, electric and management costs, they have paid out nearly €2000. All this on an apartment which cost them €75,000 and has recently been valued at €40,000.

caveat emptor

There is little if any legal stance on unfair price rises for management contracts, and with the credit crunch hitting developers and management comapnies alike, this is a nice cash cow.

B

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Postby scot47 » Thu Nov 12, 2009 4:07 pm

The moral is do not buy an apartment unless you are going to live there yourself.

It is surprising how people can be tricked out of their money by the lure of easy returns and high profits.


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