When thinking about the purchase of a primary home, many new buyers are told to avoid condominiums of their consideration as the monthly maintenance fees appear to be an unnecessary, additional expense which most think is a waste of greenbacks.
However, in case you have already owned a condominium, the need to contribute to the monthly maintenance fees becomes clear and justifiable. In fact, the price involved with maintaining a residence becomes a lot more evident for owners of landed properties. Anticipation must be created by homeowners to set aside funds for unexpected repairs, necessary upgrades and routine maintenance.
All these can in fact reach a huge number of ringgit annually. In most cases, the bulk from the condominium maintenance fees are directly related to expenses that may naturally be incurred indirectly to any homeowner. For example, banks will probably require the would-be homeowner purchases insurance plan for at least twelve months on the property. On the other hand, a master insurance policy is normally purchased through the management of a condominium already.
This master insurance policies already covers the majority of what is covered by an individual homeowner’s policy, though there might still certainly be a need to purchase additional coverage for that unit’s contents. This master insurance plan is a good example of the location where the money paid as monthly contributions goes.
Payments for municipal water and sewerage charges are another often overlooked expense which needs to be paid if you own a landed property. Apart from that, the monthly contributions tend to be often than not schedule right into a reserve account known as a sinking fund every month. This fund is vital in the case a critical expense arises, and for future upgrading and restoration works in the condominium.
However, when the association won’t have a substantial allocation for this reserve, it could be wise to set aside funds yourself in cases where that any rectification is necessary inside the complex. In this case, there will be a special assessment bill and also the money set aside comes in handy. For those who own landed property, other costs to take note of could include money for landscaping, restoration, maintenance and trash collection.
However, irrespective of whether your home can be a landed property, townhouse or condominium, care should invariably be come to perform routine maintenance to ensure that the property with the value could be preserved. Some from the works which will make their list include finding a new coat of paint, resurfacing with the driveways, cleansing the gutters, removal of stains, pruning of plants and etc.
These works, although seemingly trivial are a critical step in preventing small problems from ballooning, all of these cost Why Would I Want to Pay Condo Fees considerably more over time ahead. However, a condo owner do not need to worry almost as much ast these would have been looked after through the monthly contributions. The maintenance fees are usually dependent for the size and facilities provided inside complex. Facilities including lifts can be very expensive to keep, while other luxuries like a children’s pool add on to the price significantly.
Other amenities within the development such as a spa, playgrounds, gymnasium and etc. require additional maintenance costs. Apart from that, a management company is generally engaged to oversee the maintenance from the development. By doing so, the burden of taking care from the condominium is looked after with this party and also you, the homeowner can spend more time on work or with the family.
Last but not least, most condominiums today are protected with multi-tiered security access cards, ample security personnel, closed circuit televisions and etc., all which offers reassurance but come at a cost, which can be yet again borne from the owner through the contribution of maintenance fees. As a conclusion, maintenance fees for a condominium should not certainly be a deterrent for potential buyers because they are justifiable fees that are along the same lines of the price involved with having a property.
The key is to do sufficient and thorough research to ensure how the money contributed is well managed and channeled to the residents by proper maintenance tweaking of the property. By doing the necessary homework anticipation can be made to arrange you for the rewarding journey of owning a home.