Learn About The Costs Of Maintaining Your Apartment Or Home
Maintenance fees are one of several costs that come with buying a house. This maintenance fee is paid on a monthly or annual basis by the owners or renters for the upkeep and operation of their buildings. The upkeep of your apartment and the common areas is crucial since it determines how long these vertical buildings remain.
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The majority of gated communities offer a range of amenities to their inhabitants in order to assist them lead tranquil and opulent lives. Property owners in these communities pay monthly maintenance fees in exchange for these amenities and services. To find out more about these maintenance fees and how they’re determined, keep reading. You may discover more about the RERA guidelines and requirements for yearly or monthly maintenance fees, as well as the GST payment schedule.
What Is Covered by Maintenance Fees?
The following are some of the main elements of the property maintenance fees in different societies:
- Service charges for things like power, housekeeping, security, etc.
- The cost of lift maintenance and repairs is shared by all residents.
- Residents who utilise the society’s parking space must pay a fee.
- The quantity of water utilised by each flat determines the water charges.
- Sinking Fund to cover any emergency resulting from an unforeseen incident
- Some homeowners incur insurance costs when they use their property for business reasons.
- The leasing rent is calculated per square foot for a particular region.
- Non-owner occupied flats and apartments are subject to non-occupancy fees.
- Other charges include non-agricultural tax, election funds, and group festival celebrations.
The significance of maintenance fees
Maintenance is one of the components of the builder-buyer contract that requires payment. Any allottee that enters a builder-buyer contract is required by Section 6 of the RERA Act 2016 to make these payments on schedule. Another defence is that paying off these obligations has various advantages, such as removing the need for independent management of everything. The maintenance crew will handle telephone connections, energy supply, parking allotment, necessary security, or water supply arrangements in exchange for these costs.
Most people are curious as to whether they are still responsible for maintenance fees if they aren’t residing in their apartment or flat. Yes, it is the answer. This is because maintenance costs are not charged on individual properties. All residents must still get common maintenance and amenities from the developer. If your society employs a hybrid upkeep strategy, you can elect to pay annual maintenance fees solely for necessary components.
How to Calculate Maintenance Fees
You will be aware of how maintenance fees are determined and how much to pay once you do. Only acceptable prices should be accepted by buyers, not outrageous demands. When all the units in a society are the same size, some societies base maintenance costs on apartment size while others base them on different criteria.
Builders have two basic options for claiming maintenance costs. The first is for the initial upkeep of the housing project over a number of years. The maintenance fees are paid to the builders in monthly instalments or in one lump sum. Additionally, they recover maintenance fees in accordance with the frequency laid out in the buyer-builder contract for building upkeep.
The following techniques are frequently used to calculate societies’ yearly maintenance fees:
Per Square Foot Approach
The majority of societies with flats/apartments of various sizes and configurations employ this method of determining annual maintenance fees. A 1,000 square foot flat, for instance, would cost Rs 2,000 per month in maintenance fees if a certain society levies a maintenance fee of Rs 2.
The same maintenance fees
When all of the flats or apartments in a complex are roughly the same size, this method of determining annual maintenance fees is employed. Most societies compute and collect these fees at the conclusion of each month.
Charges for Hybrid Maintenance
Some societies use a hybrid approach to determine maintenance fees. It uses both the Equal Maintenance and the Per Square Foot calculation techniques. Under a largely equal maintenance system, residents are required to pay the same amount for communal facilities including parking lots, escalators, swimming pools, etc. Additionally, when adopting the per-square-foot calculating approach, residents are required to pay fees based on the size of their property.
Apartment/Flat Maintenance Fees under RERA
Here are a few of the most important RERA guidelines concerning monthly, quarterly, or yearly maintenance payments.
- The builder and the property buyer must agree to a maintenance agreement.
- Maintenance fees must be paid on a monthly, quarterly, bi-annual, or annual basis and must be agreed upon by the builder and the purchaser.
- The maintenance agreement must include details on the cost and timing of maintenance fee payments.
- Up until the buyer takes possession of the property, the builder is responsible for covering the upkeep costs.
- The builder is required to determine and make public the amount and timing of maintenance fee payments.
- When you take possession, the builder might ask for a 12- to 24-month maintenance fee payment.
- Depending on the services offered by societies, maintenance costs might range from Rs. 2 to Rs. 25 or more per month.
- All maintenance costs after acquiring ownership of the property are the owner’s responsibility. The tenant is obligated to pay maintenance fees if they are included in the lease (owner-tenant agreement).
Important Information about Maintenance Fees
In closing, keep in mind the following information regarding your apartment’s maintenance fees:
- You have the right to ask for a breakdown of your monthly, quarterly, or yearly maintenance fees as a resident.
- Find out in-depth information about the various payment options for maintenance fees from the service team.
- Make sure to get a receipt and pay your maintenance fees on time.
- The upfront upkeep expense may raise the property’s value. In order to avoid paying these costs twice, thoroughly read the entire contract. If at all possible, try to negotiate the conditions with the builder.
- Compared to residential homes, commercial real estate has higher upkeep costs.
Conclusion Maintenance charges
Maintenance is one of the components of the builder-buyer contract that requires payment. According to Section 6 of the RERA Act 2016, any allottee who signs a builder-buyer contract is obligated to make these payments on time. Another defence is that paying off these obligations has various advantages, such as removing the need for independent management of everything. The upfront upkeep expense may raise the property’s value. In order to avoid paying these costs twice, carefully read the entire contract. If at all possible, try to negotiate the conditions with the builder. Not to mention, the costs of maintaining commercial real estate are higher than those of maintaining residential homes.
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