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Self Management of Developments

If you  have a property in Cyprus in an apartment block, complex or private estate and the owners are considering managing the development via management committee only, then firstly everyone needs to understand the pitfalls of this action, and then, if it is decide to proceed, it needs to be done correctly and fully, else the development will soon run into extreme problems from which it might never recover from, or might cost the owners thousands of Euros to put right.
 
The main question which you all should be asking is. What Do We Need To Know and Do To Successfully Self Manage Our Development?
 
A few important factors of self managing a developments in The Republic of Cyprus are:
1) The establishment of a legal management committee, (without this you will never succeed.)
2) Reading, Understanding and Implementing the ‘The Immovable Property (Tenure, Registration and Valuation) (Amendment) Law Of 1993’ which is Cyprus's principle law governing properties which have jointly owned communal areas, service and/or facilities.
3) Correct and full calculation of true running cost, (normally not what owners' want to pay) for all services that are required to fully run and maintain the development.
4) Complete Dedication from management committee and owners.
5) Being prepared to chase and fall out with other owners.
6) Being able to affectively communicate with local authorities.
7) Getting and then keeping the development compliant with Local legislation, EU legislation and Health & Safety Legislation.
 
Unlike many other property management companies in Cyprus, who only have their own interest at heart, P. Peklivana Holdings Limited are true professional, and as a professional property management company we have no problem is aiding owners who wish to manage their development in-house via management committee.  The only thing we ask is that persons register their details with us. 
 
Well run, well maintained developments also aid the Cypriot economy, by bringing more holiday makers and investors into the country.
 
We would rather aid owners then having peoples investments put at risk. 
 
Once you have registered you will have access via user name and password of your choice to other information on the registered user pages
 
Click Here to Register with us and get a full, readable, typed copy of relevant laws.
(Subject to terms & conditions)
 
 

After you have successfully formed your Management Committee (The real work then starts.)

You now need to:
1. Calculate the first financial period’s expenditure for the developments communal areas, services and facilities.  The first financial period can be as short as 7 months or as long as 18 months. If the management committee was established prior to June that financial period ends on the 31st December. 
Communal expenditure that has to be considered is (If applicable)
• Electricity
• Water 
 
2. Legally calculate what each owner needs to contribute towards the development’s expenditure
3. If the development has a communal swimming pool you have to confirm that you are compliant to relevant local and EU laws.
4. Notify owners of what they are required to pay
5. Setup bank account for received funds
6. Establish service contracts for required services
7. Put the electricity account in your name
8. Document all credits and debits
9. Chase owners who are in arrears with their payments
10. Pay invoices
11. Produce development accounts for owners
 
…and much much more