Learn About The Costs Of Maintaining Your Apartment Or Home
Maintenancefeesareoneofseveralcoststhatcomewithbuyingahouse.Thismaintenance feeispaidonamonthlyorannualbasisbytheownersorrentersfortheupkeepand operationoftheirbuildings.Theupkeepofyourapartmentandthecommonareasis crucialsinceitdetermineshowlongtheseverticalbuildingsremain.
Are you searching flats for sale in mahim?
Themajorityofgatedcommunitiesofferarangeofamenitiestotheirinhabitantsinorder toassistthemleadtranquilandopulentlives.Propertyownersinthesecommunitiespay monthlymaintenancefeesinexchangefortheseamenitiesandservices.Tofindoutmore aboutthesemaintenancefeesandhowthey'redetermined,keepreading.Youmaydiscover moreabouttheRERAguidelinesandrequirementsforyearlyormonthlymaintenancefees, aswellastheGSTpaymentschedule.
What Is Covered by Maintenance Fees?
Thefollowingaresomeofthemainelementsofthepropertymaintenancefeesindifferent societies:
Servicechargesforthingslikepower,housekeeping,security,etc.
Thecostofliftmaintenanceandrepairsissharedbyallresidents.
Residentswhoutilisethesociety'sparkingspacemustpayafee.
Thequantityofwaterutilisedbyeachflatdeterminesthewatercharges.
SinkingFundtocoveranyemergencyresultingfromanunforeseenincident
Somehomeownersincurinsurancecostswhentheyusetheirpropertyforbusiness reasons.
Theleasingrentiscalculatedpersquarefootforaparticularregion.
Non-owneroccupiedflatsandapartmentsaresubjecttonon-occupancyfees.
Otherchargesincludenon-agriculturaltax,electionfunds,andgroupfestival celebrations.
The significance of maintenance fees
Maintenanceisoneofthecomponentsofthebuilder-buyercontractthatrequirespayment. Anyallotteethatentersabuilder-buyercontractisrequiredbySection6oftheRERAAct 2016tomakethesepaymentsonschedule.Anotherdefenceisthatpayingoffthese obligationshasvariousadvantages,suchasremovingtheneedforindependent managementofeverything.Themaintenancecrewwillhandletelephoneconnections, energysupply,parkingallotment,necessarysecurity,orwatersupplyarrangementsin exchangeforthesecosts.
Mostpeoplearecuriousastowhethertheyarestillresponsibleformaintenancefeesif theyaren'tresidingintheirapartmentorflat.Yes,itistheanswer.Thisisbecause maintenancecostsarenotchargedonindividualproperties.Allresidentsmuststillget commonmaintenanceandamenitiesfromthedeveloper.Ifyoursocietyemploysahybrid upkeepstrategy,youcanelecttopayannualmaintenancefeessolelyfornecessary components.
How to Calculate Maintenance Fees
Youwillbeawareofhowmaintenancefeesaredeterminedandhowmuchtopayonceyou do.Onlyacceptablepricesshouldbeacceptedbybuyers,notoutrageousdemands.When alltheunitsinasocietyarethesamesize,somesocietiesbasemaintenancecostson apartmentsizewhileothersbasethemondifferentcriteria.
Buildershavetwobasicoptionsforclaimingmaintenancecosts.Thefirstisfortheinitial upkeepofthehousingprojectoveranumberofyears.Themaintenancefeesarepaidtothe buildersinmonthlyinstalmentsorinonelumpsum.Additionally,theyrecover maintenancefeesinaccordancewiththefrequencylaidoutinthebuyer-buildercontract forbuildingupkeep.
Thefollowingtechniquesarefrequentlyusedtocalculatesocieties'yearlymaintenance fees:
Per Square Foot Approach
Themajorityofsocietieswithflats/apartmentsofvarioussizesandconfigurationsemploy thismethodofdeterminingannualmaintenancefees.A1,000squarefootflat,forinstance, wouldcostRs2,000permonthinmaintenancefeesifacertainsocietyleviesa maintenancefeeofRs2.
The same maintenance fees
Whenalloftheflatsorapartmentsinacomplexareroughlythesamesize,thismethodof determiningannualmaintenancefeesisemployed.Mostsocietiescomputeandcollect thesefeesattheconclusionofeachmonth.
Charges for Hybrid Maintenance
Somesocietiesuseahybridapproachtodeterminemaintenancefees.Itusesboththe EqualMaintenanceandthePerSquareFootcalculationtechniques.Underalargelyequal maintenancesystem,residentsarerequiredtopaythesameamountforcommunal facilitiesincludingparkinglots,escalators,swimmingpools,etc.Additionally,when adoptingtheper-square-footcalculatingapproach,residentsarerequiredtopayfeesbased onthesizeoftheirproperty.
Apartment/Flat Maintenance Fees under RERA
HereareafewofthemostimportantRERAguidelinesconcerningmonthly,quarterly,or yearlymaintenancepayments.
Thebuilderandthepropertybuyermustagreetoamaintenanceagreement.
Maintenancefeesmustbepaidonamonthly,quarterly,bi-annual,orannualbasis andmustbeagreeduponbythebuilderandthepurchaser.
Themaintenanceagreementmustincludedetailsonthecostandtimingof maintenancefeepayments.
Upuntilthebuyertakespossessionoftheproperty,thebuilderisresponsiblefor coveringtheupkeepcosts.
Thebuilderisrequiredtodetermineandmakepublictheamountandtimingof maintenancefeepayments.
Whenyoutakepossession,thebuildermightaskfora12-to24-monthmaintenance feepayment.
Dependingontheservicesofferedbysocieties,maintenancecostsmightrangefrom Rs.2toRs.25ormorepermonth.
Allmaintenancecostsafteracquiringownershipofthepropertyaretheowner's responsibility.Thetenantisobligatedtopaymaintenancefeesiftheyareincluded inthelease(owner-tenantagreement).
Important Information about Maintenance Fees
Inclosing,keepinmindthefollowinginformationregardingyourapartment'smaintenance fees:
Youhavetherighttoaskforabreakdownofyourmonthly,quarterly,oryearly maintenancefeesasaresident.
Findoutin-depthinformationaboutthevariouspaymentoptionsformaintenance feesfromtheserviceteam.
Makesuretogetareceiptandpayyourmaintenancefeesontime.
Theupfrontupkeepexpensemayraisetheproperty'svalue.Inordertoavoid payingthesecoststwice,thoroughlyreadtheentirecontract.Ifatallpossible,tryto negotiatetheconditionswiththebuilder.
Comparedtoresidentialhomes,commercialrealestatehashigherupkeepcosts.
