Before buying . . .

If you are buying into an established apartment complex, make sure there is a management company in place.

It should have an active board of directors; a service charge that covers all of the services you will need; and a sinking fund (to cover long-term major expenses such as replacing lifts).

Ask the management company when an annual general meeting was last held and whether the annual returns and accounts were filed. If this is not done it can lead to difficulties when selling a property.

It is crucial to find out whether the common areas inside and outside the building have been handed over from the developer to the residents.

Check when the last major overhaul of the complex was carried out. If no major refurbishment has been carried out, there will be big demands on the sinking fund. If there is not enough money in the fund, all property owners will be expected to contribute to the cost.

Ensure the plumbing is satisfactory. Water leaks are a major problem in apartment blocks that have not been properly maintained.

Check that all lifts and gates are working.

Find out how much your service charge will be and ask for a list of the services it covers.

Request a five-year projection of service charges and management fees.

Try to find out whether there is a history of withholding service charges in the complex. By not paying service charges, residents damage the financial health of the management company. This could affect the value of your investment.

Information provided by the National Consumer Agency (www.consumerconnect.ie)