As more people opt to live in the city, house and lot suburban lifestyle.
But many are still unsure about buying condominiums. One of the reason is the added maintenance fees that condominium developers often ask to their residents.
Unfortunately, maintenance fees are truly a part of being a condominium owner. Condominium owners must remember that the unit that they bought is a part of a bigger property. As a part of the said property you also have a fraction in keeping it in good shape. Thus the birth of maintenance fees. These fees are there to keep the whole condominium, including yours, at its finest. In case you didn’t know, here are the most basic factors that you have to remember when paying maintenance fees.
1. Homeowners Association
Upon living in a condominium, you automatically become a part of their condominium association run by the condominium’s board of directors. The condominium association will give you the stipulated condominium association due that the property manager will collect. The condominium association due will cover the expenses of the maintenance and improvement of the property.
2. Computation
Maintenance fees varies. If the condominium that you will choose is more on the high end side and has more amenities, then expect a amount of fee. Condominiums also take in consideration the total size of your unit.
3. Penalties
In case you fail to pay for the fee, the condominium association has the right to put an interest on the fee. There are some condominiums that will keep you from using the amenities if you fail to pay the specific fee for them. Here are the fees that you have to remember:
- Repairs and replacements: This fee will be used in case there are any repairs or replacement that has to be done in the condominium.
- Insurance: The insurance only covers the common amenities such as the gym or the pool, meaning, everything that is outside of your unit. Everything that’s in your unit is under your control and therefore needs a separate insurance.
- Shared utilities: This pertain to trash collection, cable connection, or wifi. Any utilities that are shared by everyone in the condominium is under this.
- Guest fees: As unit owner, you have the power to use any amenities or to bring any guest. But there’s also fees to be paid when a guest use the amenities of the condominium. So you better check how much it will cost you before you ask a friend for a quick dip in the pool.
- Parking: Some condominiums suffer from small space for parking. Because of this, fees have to be added in order for the condominium to accommodate your car.
Condominium vs Traditional house: Which is more worth it?
Now that you know the fees that you have to pay, the only question left is: is it all worth it? Or should you just opt for a traditional house and lot?
The only way that can answer this question is through assessing what kind of lifestyle that you want to enjoy. Yes, maintenance fees can be a bit steep, but remember that this includes everything that you have to worry about. You just have to pay and voilà, you no longer have to worry who is going to fix this and so on. Condominiums promise a luxurious and carefree lifestyle and that’s just what you are going to get – with the right price, of course.
Image source: http://www.persquare.com.ph/for-sale/condominium-ncr-metro-manila-mandaluyong/affordable-2-bedroom-preselling-condo-in-mandaluyong_90346 – DMCI Homes