Living in an apartment can be total bliss, once you’ve found your dream place and made it your home, whether you are a resident or manage a block, you need to make sure you are fully aware of some of the horrors which can surface if you’ve not done your research!
From nightmare neighbours to spine-chilling service charges, you should be aware of the frightening facts that you might not expect or have overlooked before signing your lease.
Here are some of the terrifying facts you should know about living in or managing an apartment block.
1. Discovering that the building is under-insured when you suffer a major loss, such as a fire can be horrific for the people involved knowing they can not recoup the full value of their losses.
2. Buying a short lease on a flat in a prime central London location, only to discover how much you’re going to have to stump up for a lease extension!
3. Being the property manager of a prestigious development block and spending three hours at a residents’ association meeting where they’re still discussing item one of the agenda – whether the trees should be trimmed or not!
4. Realising that the apartment owners in your building are all Airbnb addicts, who are infact sub-letting their own apartments and using your concierge as a hotel porter and having loud parties every weekend.
5. Returning to your penthouse apartment on the 15th floor, weighed down by luggage to find the lift is broken.
6. You overlook charging the residents for major works which took place more than 18 months ago and find out that you can only recover £250 per resident.
7. Realising that your property manager has been using your block’s sinking funds and you now have nothing to carry out urgent repair works.
8. Discovering that your tenant has been keeping a family of black sable ferrets in their flat even though pets are prohibited in their lease and they’ve been breeding uncontrollably!
9. Having taken over the management of the smallest building in your portfolio, which has the most difficult leaseholder, you spend most of your time having to deal with them on the phone or in person, over stones from the driveway or leaves on the paths.
10. Being the third manager to be appointed by the courts of a building in disrepair with no sinking fund and the residents cannot afford any uplift in service charges – and they all hate each other and can’t agree on any works! Total nightmare…
We all have horror stories but it’s how we deal and manage with situations. You should always be prepared when it comes to having all the facts as a leaseholder and knowing what your responsibilities are if you decide to be part of a Residents Management Committee.
A good block property managers will assist you in ensuring your property is managed efficiently and all issues are dealt with quickly, for more information about how Inspired Property Management could alleviate some of your horrors get in touch with one of our expert property managers today by calling 01302 729500.