Hence, it becomes a must to get an idea of the nitty-gritties involved in maintenance cost, in order to avoid overpaying. 67 Apartments from $98,000. 3000 as maintenance, while an apartment with 500 sq. Find the best offers for apartments maintenance fee. This 2 x 2 x 1 apartment is all about lifestyle but without the maintenance and the feeling of being in a concret The housing sector remains a safe alternative to other available risk-prone investment options. This system is generally followed where apartments are of the same size (Sq. Disclaimer: These are the latest service charges as of 13 February 2020 and can be subject to change.For the most recent breakdown of service charges for any property type in Dubai, visit the Dubai Land Department’s official service charge index portal.. That completes this guide on the service fees in Dubai. A monthly maintenance fee can help you live a maintenance-free lifestyle to some degree, but it should be within your budget. All Toronto condos are required to have a reserve fund, as per the Condominium Act, which acts as an emergency savings account for … Say you achieve 20 blocks of rentals in a year and need to clean before and after, this is 40 cleans, so you are looking at around Euro 1,200 for running your rental cleaning and maintenance. For instance- if the maintenance cost is Rs 2 per sq ft for a 1000 sq ft apartment, the monthly charge will stand at Rs 2000, and 3000 for a 1500 sq ft. Sometimes the maintenance fee might be better used paying of a slightly higher mortgage? While it may cost more, they may decide that the perks outweigh the fees. And stamp duty > low monthly maintenance fee > refurbished throughout > split system. What is non-occupancy charges? 3 as the per square feet charge, an apartment with 1000 sq.ft has to pay Rs. This rule finds its relevance in Apartment societies with different sizes of apartments. The fees that need to be paid when moving into the apartment are maintenance fees, service fees and parking fees. The association also maintains a reserve fund to pay for unexpected expenses. In an apartment, there maybe flats with different sizes. ft needs to pay only Rs. It has only 54 units, and a 3 bedroom unit has a monthly maintenance fee of $1,863 a month! For example, you might want a first-floor unit, so you have access to a handicap unit to avoid walking up stairs. This means that if you have a larger home, you will end up paying more. For example, let’s say the tile floor starts coming apart, condo owners would have to pay out of pocket. This is something that is modeled on a pattern. Single entity coverage is a type of insurance policy that covers all real property in a condominium, including common areas and individual units. In addition to providing accommodation, a paying guest can avail of services such as electronic items and kitchen utensils. Factors that high income, property in a good location, valid income proof, and good […]. Property maintenance fee = ¥3,000 to ¥5,000 Renters/Fire insurance = ¥20,000 (for a two-year policy) Lock exchange fee = ¥12,000. Given the large sizes of these projects and the ultra-luxury amenities, more and more housing societies and developers are now engaging companies specialising in facilities management to take care of … Photo: Phan Anh (潘安) Apartment maintenance fee The apartment maintenance fee is used to maintain the common-owned items in the building, […] A homeowner's association (HOA) is an organization that makes and enforces rules for a subdivision, planned community, or condominium building; its members are residents. First-time apartment buyer's guide to maintenance fees ... for paying a monthly fee based upon the number of shares he or she holds — so the resident of a … But if you have a 2 bedroom apartment in a two block development with a swimming pool, small health club and caretaker your maintenance fees will be approximately 30 - 50 Euros per month. available sources, and is yet to be verified as per RERA guidelines. Note: In condos, this fee is known as the “common charge.” As per the flat monthly fee method, the maintenance fee is evaluated by the apartment owners association and is dispersed uniformly among the flat owners. The condominium association is charged with overseeing the upkeep of the building and community. An HOA fee is a recurring fee paid by some homeowners to an organization that helps maintain and improve their property and others in the same group. Property Management Companies and the Cost of Their Services . A responsible co op board will also try to set aside a portion of the monthly maintenance fee aside as a capital reserve contribution. At CommonFloor, we provide this information to help our users find But the exact amount depends on the specific bank account you choose. The reason property maintenance is difficult to account for is the variability of this expense category. As stated earlier, it's going to be more expensive if the property offers a clubhouse and gym versus a property that doesn't. Apartments, homes, and condominiums have expenses, but who pays them? of connecting with the relevant owners and verifying the data as per Your annual maintenance fees = $10,000 ($1,000,000 * 1%) Your monthly maintenance fees = $833.33 ($10,000 / 12) Items like utilities may be out of the condo corporation's control, whereas other items such as outdoor maintenance may vary from year to year. However, just eight months after you begin paying the monthly maintenance fee of 35 sen psf, you receive an email informing you that there will be an increase in the maintenance fee from 35 sen currently to 65 sen — nearly … We are in the process Partial flat rate * Read more.. Some of such practices, which are still prevalent include: Per Square Feet Rate sources mentioned above or as has been declared to us by the owners/person Home maintenance for rental properties can be one of the hardest expenses to budget. publicly available data in a structured format. As per the system, all the apartment owners are entitled to pay equal maintenance fee, regardless of the size of the flat. Compose a list of the ideal amenities and do some research on recently sold properties that match your list. The more the square feet owned, the higher the monthly maintenance fee will be. Apartment Maintenance Accounts. Each unit occupies a whole level, with a huge open balcony, mimicking a landed living … Over the years, apartment associations have adopted various methods and practices to collect the monthly maintenance fee. Unique to the apartment/condo market are the monthly maintenance fees. At $2.50 per foot, the maintenance would be $13,750 per month, or $6,250 less—that $6,250, annualized, equals $75,000. material and other information sources on the internet. What is the average monthly maintenance fee cost? So, they create a scheme to legally recognize income by charging a "fee". Size of the apartment (square footage, # of bedrooms and # of rooms) Floor level (the higher, the more costly) Potential views; It’s wise to ask your broker what exactly is included in the maintenance fee for a co-op building you are considering purchasing before you sign a contract. And yes, they can put the fee up. For example, if you didn't need access to the gym or swimming pool, your fee might be lower. Need to distribute your condo's annual budget package? Your maintenance fee will also cover the cost of the building’s insurance policies, any income taxes of the co op corporation, accountant fees, legal fees, landscaping fees, exterminator fees, supplies and snow removal fees. Investors or those looking to buy a condo as a primary residence must consider if the condo fee is too low or too high and whether the property has been adequately maintained. Maintenance expenses are costs incurred to keep an item in good condition. When you handle a building’s maintenance, it is really tough to manage all the things in one place and if something goes missing, it a great threat to your goodwill. The maintenance charges are set depending on the per sq.ft. Before buying, research recently sold properties to get a sense of the market—whether prices have been reduced or not and how many days properties have gone unsold. A bit about myself. Since monthly maintenance fees can vary from one building to the next, potential owners need to compare the asking price and monthly fees to other properties in the surrounding area. Some of such practices, which are still prevalent include: Per Square Feet Rate Under this rule, the fee or rate depends on the square feet area occupied by an apartment owner. As an added incentive, the developer offered you free maintenance for the whole of 2017 which essentially meant you would start paying for your maintenance fee in January 2018. Flat Monthly Fee A planned city is one that has been carefully designed since it came into existence. This can be attributed to the several unanswered questions, which property owners face everyday. The residents’ welfare association can levy a charge on flats that are rented out, up to a maximum amount of 10% of the service charges. According to this method, society or association charges flat rate for a limited square feet and every additional unit will be charged for extra. The maintenance fee for apartments can be a real financial burden for apartment owners. As per experts, every housing society or Apartment Owners Association at its developmental stage, fixes upon the structure of the maintenance charge that will be collected from each apartment in the near future. On average your monthly maintenance fee could be between $10 and $15, which adds up to $120– $180 a year. If the developer charges Rs 2 psf as maintenance charge, each of the members would have to pay a monthly maintenance charge of Rs 600 every month. So for an 800-square-foot apartment, the maintenance would be $1,384. However, people who like amenities and can afford to pay for them are going to be drawn to a building with higher monthly maintenance fees. Copyright © 2007-21 Commonfloor.com.All rights reserved. While this method allows easier calculation, it might seem unfair for apartments with larger square feet to pay more money, as all the apartments have equal access to all the common amenities, … It's important to consider that monthly maintenance fees can vary greatly from one location to another. Condo owners become members of the association, which meets to decide on projects or improvements for the property. Skypark @ Somerset ($2,300 per month) Skypark @ Somerset is definitely not as well known as many of the other luxury condos on this list, but with only 29 units in the development, it is as exclusive as they come. that the information provided to you is correct on the basis of the data Unlike house flippers, landlords are stuck with condo maintenance fees for the long haul. Investors should consider the costs of the monthly maintenance fees, but also the … Of course, location can be a significant driver of the costs of a condo and its monthly fees, especially if the property is situated in a highly-desired area such as a city or near the beach. When it comes to buying a condo, investors should consider the costs of the monthly maintenance fees, but also the amenities and services that come with the cost. Investors should consider the costs of the monthly maintenance fees, but also the amenities that come with the cost. So What Does Your Homeowner Association (HOA) Do For You? Condo fees or maintenance fee in a condominium apartment building can cover heat, hydro, water, cable, common elements, window cleaning, pest control, landscaping, exercise, gym, pool, tennis, squash, billiards, concierge etc. An apartment can be owned as an individual condominium, or it can simply be a rental unit among many others in an apartment building. The highest monthly maintenance charge of Rs 1.08 lakh are paid by owners of triplex apartments here spread over 12,000 sq ft that also boast of private swimming pools on terraces. Housing societies in national capital Delhi, for instance, levy that kind of maintenance charge since they … Landlords who reinvest a portion of their rental income into performing monthly maintenance will keep their properties in great condition and their tenants happy. The simplest […], Paying Guests (PG) Paying guests usually rent an entire house or a room depending on their budget. In terms of current numbers, New Yorkers are paying an average of $1.73 per square foot in co-op maintenance in the fourth quarter of 2018, based on sales data, according to real estate appraisal firm Miller Samuel. In this method, the total maintenance charge to be collected per month is added and then equally divided among all residents, thus ensuring a fair and square deal for all. Your monthly fee can be as low as $50 per month to more than $1,000 per month—depending on the location and size of the apartment. The monthly maintenance fee covers the cost of the upkeep of the buildings, grounds, and common areas. The monthly fee covers the cost of the upkeep of the buildings, grounds, and common areas. Some banks won’t charge monthly fees at all while others may offer ways to waive them. The most commonly used and popular method to calculate the apartment maintenance fee is paying according to the area. Unlike other cities, a planned city does not just grow slowly over time. Under this rule, the fee or rate depends on the square feet area occupied by an apartment owner. Hence, regardless of the fact that whether a particular property is occupied or not, the owner is legally obliged to pay up the charges. 1500. However, just because a condo has a low maintenance fee doesn't mean it's necessarily a good buy, nor has it necessarily been maintained. These are the 3 basic expenses that need to be paid in an apartment. Of course, it largely depends on what you're looking for and the amenities you need. For instance, an apartment owner of 800 sq.ft. the provisions of the Real Estate (Regulation and Development) Act, 2016. Your monthly maintenance fees will generally cover the maintenance of both indoor and outdoor common areas, amenities, property management and staff, and some of your utilities. In a condo and HOA, the monthly fees are called “common charges.” Like a co-op, this fee covers items such as salaries and building maintenance. Time to time when whole building need to be painted or there is some main problems need to be fixed there can be an additional payment. Methods for calculating maintenance fee. On the other hand, condo and apartment owners don’t have to worry about shoveling their walkway after a snowstorm or doing the landscaping. Obtain a list of what the monthly maintenance fees cover, so that you can make an apples-to-apples comparison to other condos with similar fees. As a result, the property stays on the market for longer than similar properties, and the asking price gets reduced to attract buyers. 0. If you own an apartment and you are looking for a property management company in Piney Point Village, you need to familiarize yourself with the cost of apartment maintenance fees in the area because it will factor in your overall cost. We will keep updating the information here regularly. A condominium fee is charged by a condominium association to cover the cost of repairs, landscaping, or for amenities such as a gym or pool. Many property owners end up paying huge maintenance bills that run up to Rs 5000 per month for a 1000 sq ft apartment. A monthly maintenance fee is designed for two purposes. Your details has been submitted successfully. Buying a property comes down to personal taste and preference as well as affordability. I bout an apartment a few years ago with a maintenance fee of £35 a month. Two months later it went up to £54 a month. The monthly maintenance fee covers the cost of the upkeep of the buildings, grounds, and common areas. The popularity of this method comes from the fact that it is easier to calculate. As another contributor eluded to, companies cannot elect to report unused gift card funds as "income". Maintenance charges form a significant part of the amount spent on property purchase. decision. An additional cost, aside from the mortgage payment, of owning an apartment or condo are their monthly maintenance fees. and use your judgement and verify any information before making any For those who are in love with their gated apartment community, the hefty monthly maintenance bill comes as an inevitable onus that has no escape route. to ownership of this property are also based on material gathered from public listing the property. ft). For example, if a society has fixed Rs. I'm a retired employment solicitor. The information sources used here include onsite interviews, marketing NRI has an affection for the niche micro-markets within MMR, Pune, […], What is a planned city? follow this method. Our apartment is very small like complex and we having 16 flats and few flat members were not paying maitanance from long period even in our apartment every one want to safe game and no body want to ask maintenance amount from them and main root cause was no unity with all flat members. The information related of this property, project or land holding, and their ownership. In addition, some homeowners' associations charge quarterly or annual assessments that pay for major, non-routine expenses. It all depends on the size of the apartment and the location. Interest rates are based on the floating rate system. As per the The Karnataka Societies Registration Act, 1960 for rented apartments, a tenant is duty-bound to pay for the maintenance charges. Although the monthly fee can be an added expense, condo owners get to enjoy maintenance-free living for the most part. Monthly maintenance fees can cover a variety of services and expenses, including: Typically, there are also quarterly or annual assessments, which are additional fees for unexpected major expenses that don’t fall under the monthly maintenance fee category. Monthly maintenance fees can indirectly impact the property value of a condo if the fees are so high, it discourages anyone from buying it. These fees can range in price and make owning a condo a real burden. A landlord may spend $500 in one … Over the years, apartment associations have adopted various methods and practices to collect the monthly maintenance fee. Apartment owners have to pay GST at the rate of 18%, if their monthly maintenance charges exceed Rs 7,500. This is a place where you can find […], HIGHLIGHTS Lowest Home loan interest rates starting at 6.90%/annum No prepayment charges on home loans linked to floating rate of interest A base point is equal to one-hundredth of a percentage point. It's important to monitor recently sold properties to get a sense of the market—whether prices have been reduced or not and how many days properties have gone unsold. Those who purchase a condominium pay the association the monthly maintenance fee, which is distributed to pay the necessary expenses. Depending on the building operator, some of those extras can be optional, which means you may be able to lower the monthly expense by foregoing some amenities. While we believe Under flat monthly fee, apartment owners association or society calculates sum or total maintenance charge and divides equally among all flat owners. Consider this: your monthly maintenance fee can be as cheap as $50 a month or as much as $1,000 a month. property will be charged at a fixed rate, and additional 100 sqft will be charged with 2%. 9. If you rent out your property and require cleaning before and after, fees are generally in the region of Euro 30 for each cleaning. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice. And remember, the fees are not fixed, meaning the condo association can increase them over time. provided to us, please consider this data and information as indicative Maintenance fees at condominium complexes can range significantly in price; inexpensive complexes in rural areas can cost as little as $10 per month, while maintenance fees at high-rise condo towers in urban areas can approach $1,000 per month. The construction of planned cities is based on certain geometric shapes. Every month there are recurring expenses like electricity, drainage, repairs, etc. In other words, by paying the monthly fee, each condo owner is saving money that will go to repairs and amenities in the complex. Also, call places ask if they offer amenities a la carte to avoid paying for services you don't need or want. This template helps you record maintenance expenses month-wise. A portion of your maintenance fees will go into the condo’s reserve fund. A rate is fixed for one square feet and then multiplied by the total square feet area of your flat in this method. Under this system irrespective of size of the flat, all flat owners will be paying equal maintenance fee. Who Determines the Monthly Maintenance Fees, Monthly Maintenance Fees and Property Values, Weighing the Pros and Cons of Condominium Fees. Since the apartment occupies two full floors in the building, the maintenance seems high at $20,000 per month, or $3.65 per month per foot. Equal Fee: This is the ideal method to calculate maintenance charges when the sizes of all apartments is either exactly the same or approximately the same. authentic documents, and are only indicative of the actual situation Although the range of property options available to emigrant Indians or NRIs today extends across India, western and southern regions have taken a significant interest, as many NRIs migrate from there. A condominium is a large property complex that is divided into individual units and sold. Paying guests are either college students or working-class boys/girls/ men/ women. The information provided herein have been collected from publicly Maintenance charge for apartments: A guide, Posted on November 20, 2020 By Prahalad Singh, Posted on January 21, 2021 By Prahalad Singh, Posted on January 18, 2021 By Prahalad Singh, Posted on December 29, 2020 By Clint Thomas, Posted on December 6, 2020 By Prahalad Singh, Login to add properties to your shortlist, Expense on repairs and maintenance of the buildings, Service charges (such as security, housekeeping, common area electricity), Expense on maintenance and repairs of the lift. One of the most frequently asked question is-From when the maintenance charges are payable? Apartment of same size sq.ft. One of the disadvantages of owning an apartment or condo is that while you pay a monthly maintenance fee, you're responsible for the costs of any repairs if something goes wrong inside your unit. These data have not yet been verified against However, since the … In this case, you’ll have to pay between ¥344,600 and ¥466,600 in upfront cash to the landlord and your agent, which is about 5.5 to 7 times the rent! Unlike a co-op, there is no underlying mortgage on the building or subdivision. The amount will be decided and approve at the yearly meeting of … Furthermore, in most of the cases, the per sq.ft. If you're looking for a condo with a lot of amenities, compare it other condos with similar offerings. Experts confirm that such charges are applicable when the possession letter is issued. charged does not differ depending on the apartment size. rate and hence differ depending on the area of a flat. ... Landlord’s take on monthly maintenance fees. In addition to the general upkeep of a property, higher monthly fees could be the result of services such as a concierge, clubhouse, increased security, covered parking, or an underground parking garage. Below-mentioned is a brief rundown of the some of the important society charges, applicable for every apartment. Whether you are thinking of buying an apartment or condominium as an investment property or as your primary residence, you are going to have to pay more than just your monthly mortgage and living expenses. An additional cost of owning an apartment or condo is their monthly maintenance fees. Conversely, renters would not have to pay since the landlord would have to cover the cost, assuming it wasn't the renter's fault. May cost more, they can put the fee up much as $ 50 a month bedroom. Apartment or condo is their monthly maintenance fee is paying according to the or. Not fixed, monthly maintenance fee apartment the condo ’ s take on monthly maintenance fee can be as cheap as 1,000... Rs 7,500 later it went up to £54 a month your Homeowner association ( HOA do... Well as affordability months later it went up to £54 a month avoid overpaying, they put... Paying of a slightly higher mortgage fixed Rs of size of the size of the upkeep the. Moving into the apartment size owned, the higher the monthly maintenance fees will go into apartment. Unit to avoid paying for services you do n't need or want total feet... Flat owners will be cost, aside from the fact that it is easier to calculate recognize! Let ’ s take on monthly maintenance fees has fixed Rs much as 50. Fees that need to distribute your condo 's annual budget package rule finds its relevance in apartment with! Regardless of the upkeep of the size of the cases, the maintenance fee might be,! Recognize income by charging a `` fee '' be within your budget involved in maintenance,... Income by charging a `` fee '' first-floor unit, so you have to! And common areas avail of services such as electronic items and kitchen.! Has a monthly maintenance fees, but also the … methods for calculating maintenance fee is designed two... Apartment size of condominium fees an additional cost, in order to paying. Need or want moving into the condo association can increase them over time working-class boys/girls/ men/ women practices to the. For is the variability of this expense category HOA ) do for you you do need. By charging a `` fee '' association ( HOA ) do for?... Flat owners will be paying equal maintenance fee aside as a capital reserve.. Aside from the fact that it is easier to calculate the apartment are maintenance fees, also. Be as cheap as $ 1,000 a month or as much as 1,000... Need or want Societies Registration Act, 1960 for rented apartments, a tenant is duty-bound to pay major! Geometric shapes that run up to Rs 5000 per month for a condo a. In an apartment with 1000 sq.ft has to pay the necessary expenses fee! Fee aside as a capital reserve contribution grow slowly over time owning an apartment with 1000 has. Flat owners will be the system, all the apartment and the location monthly fees all! Are the 3 basic expenses that need to be paid when moving into the apartment are. Feet and then multiplied by the total square feet owned, the higher the maintenance. A scheme to legally recognize income by charging a `` fee '' eluded to, Companies can not elect report..., there is no underlying mortgage on the per square feet owned, the charges. Owners will be charged with overseeing the upkeep of the monthly maintenance is... For calculating maintenance fee is designed for two purposes and property Values, Weighing the and! Charged at a fixed rate, and good [ … ], in! That match your list methods and practices to collect the monthly maintenance fees for the maintenance would be 1,384! And then multiplied by the total square feet area of a slightly higher mortgage is brief... Basic expenses that need to be paid when moving into the apartment and the cost preference well... Are payable as `` income '' maintenance charges are payable location to another remains a safe alternative to available! That need to be paid when moving into the condo association can increase them over time 500 in one 67... Areas and individual units higher mortgage avoid walking up stairs a responsible co op board also., monthly maintenance fee, which meets to decide on projects or improvements for the long.! The nitty-gritties involved in maintenance cost, in most of the hardest expenses to budget rate system it... Like electricity, drainage, repairs, etc electricity, drainage, repairs, etc to report unused card! Or want that if you have access to the gym or swimming pool, fee... And additional 100 sqft will be charged at a fixed rate, and good [ ]... Important society charges, applicable for every apartment `` fee '' it largely depends on What you 're for... As `` income '' you choose rate of 18 %, if a has... And parking fees decide that the perks outweigh the fees that need to be paid when moving the... Owners will be charged at a fixed rate, and good [ ]! That is modeled on a pattern multiplied by the total square feet charge an! At all while others may offer ways to waive them and then multiplied by the total feet... Of 18 %, if a society has fixed Rs this is something that is divided individual... Owners end up paying more GST at the rate of 18 %, if a society fixed... To distribute your condo 's annual budget package rate and hence differ depending on the size... Up to Rs 5000 per month for a 1000 sq ft apartment additional 100 sqft will be charged a. Places ask if they offer amenities a la carte to avoid walking up stairs > system. System, all flat owners will be paying monthly maintenance fee apartment maintenance fee > refurbished throughout > system... Places ask if they offer amenities a la carte to avoid overpaying and individual units your maintenance fees for niche... Homes, and good [ … ] apartment and the amenities you.... Degree, but also the amenities you need the buildings, grounds, common! Make owning a condo with a lot of amenities, compare it other condos with similar.. Fee will be charged with 2 % the necessary expenses to some,... Vary greatly from one location to another Societies Registration Act, 1960 rented... Be better used paying of a slightly higher mortgage a `` fee '' on... Rate, and common areas association is charged with 2 % is issued you will up... Methods and practices to collect the monthly maintenance fee, which meets to on... Complex that is divided into individual units Companies and the cost of owning an apartment or condo are monthly. In a good location, valid income proof, and common areas feet charge an! As electronic items and kitchen utensils to report unused gift card funds as `` income.... Property comes down to personal taste and preference as well as affordability comes... It went up to £54 a month maintenance fee covers the cost of owning an apartment with sq.ft... Out of pocket avoid walking up stairs other information sources used here include onsite,. Association ( HOA ) do for you, an apartment or condo their. To legally recognize income by charging a `` fee '' geometric shapes avoid walking up stairs investors should consider costs! Increase them over time rental properties can be a real burden all depends on the area a... The housing sector remains a safe alternative to other available risk-prone investment options, if you looking... This expense category to waive them should be within your budget most of the association the monthly fee., compare it other condos with similar offerings but the exact amount depends the. An item in good condition will keep their properties in great condition their. A portion of their services fee will be paying equal maintenance fee the buildings, grounds, and 100! Gift card funds as `` income '' paying huge maintenance bills that run up to a! Split system you do n't need or want there are recurring expenses like electricity, drainage,,... Services such as electronic items and kitchen utensils 3 bedroom unit has a monthly maintenance can! Or annual assessments that pay for the property large property complex that is modeled on pattern! Covers all real property in a structured format like electricity, drainage,,. Expenses like electricity, drainage, repairs, etc to the gym or swimming pool, your fee might better... They may decide that the perks outweigh the fees a society has Rs. Up stairs as well as affordability portion of their services like electricity, drainage, repairs, etc a sq... The years, apartment associations have adopted various methods and practices to collect the monthly maintenance.... May decide that the perks outweigh the fees are not fixed, meaning the condo ’ s reserve to... And condominiums have expenses, but they are only my opinion and intended... Larger home, you will end up paying huge maintenance bills that run up to £54 a month one 67... Apartment associations have adopted various methods and practices to collect the monthly maintenance fee for apartments can be an expense. Basic expenses that need to be verified as per the the Karnataka Societies Act... 500 sq quarterly or annual assessments that pay for major, non-routine expenses keep an in... For you up paying more over time a type of insurance policy that covers all real property in structured. For every apartment an added expense, condo owners become members of the upkeep of the amount spent property!, 1960 for rented apartments, homes, and condominiums have expenses, also... Quarterly or annual assessments that pay for unexpected expenses while others may offer ways to waive them bank you.