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Addressing rising costs is vital to owners’ management companies

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Inflation and the rising cost of energy, insurance, wages, building materials, professional fees and new services such as EV charging points means getting the annual budget right is crucial for Owners’ Management Companies, writes Finbar McDonnell

If owners’ management companies – the entities that manage the common areas of apartment complexes and other multi-unit developments, including duplexes or commercial units – haven’t already agreed their budget for 2023, they will need to do shortly. This is to facilitate the sending out of service charge statements.

Key stakeholders are the OMC board and the managing agent as these develop a draft budget for agreement by the property owners. Crucial inputs are:

 

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