Sinking Funds in Apartments - Meeting the Challenge

The vast majority of apartment developments in Ireland have not set aside adequate funds (Sinking Funds) for maintenance and refurbishment according to this report by the Society of Chartered Surveyors Ireland (SCSI).

According to the study, three out of four property managers say less than 25% of apartment buildings have set aside adequate funding for such works.

In addition, almost 90% of managers say apartment buildings under their management – also known as Multi Unit Developments or MUDs – have been forced to raise additional levies. This can arise when inadequate funds have been set aside and urgent spending is required.

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