Posted in Real Estate

Why should I pay condominium fees?

When considering the purchase of a first house, many new buyers are advised To prevent condominiums in their thought as the monthly maintenance fees look to be an unnecessary, additional cost which most believe is a waste of money. But for individuals who have already owned a condominium, the requirement to donate to the monthly maintenance fees becomes clear and justifiable. In actuality, the costs related to keeping a house becomes much more evident for owners of landed possessions. Anticipation needs to be made by homeowners to set aside funds for unforeseen repairs, necessary updates and regular maintenance. These can actually come up to tens of thousands of ringgit annually.

Typically, the bulk of theĀ Uptown at Farrer condominium maintenance fees are directly related to expenses that will naturally be incurred indirectly to any homeowner. By way of instance, banks will normally require the prospective homeowner buys insurance policy of at least one year on the house. On the flip side, a master insurance policy is usually purchased by the management of a condominium. This master insurance policy covers most of what is insured by an individual homeowner’s policy, though there might still be a need to buy additional coverage to your unit’s contents. This master insurance coverage is a fantastic example of where the money paid as monthly contributions goes. Payments for municipal water and sewerage charges are another frequently overlooked expense that has to be paid if you have a landed property. Aside from that, the monthly contributions are more often than not set aside into a reserve account called a contingency fund on a monthly basis.

This fund is vital in case an unexpected expense arises, or for future updating and restoration functions of the condominium. But if the association does not have a significant allocation for this book, it would be smart to put aside funds yourself in case any rectification is needed in the complex. In cases like this, there will be a special assessment bill and the money set aside will be convenient. For owners of landed property, other prices to be aware of could include cash for landscaping, restoration, and maintenance and garbage collection. However, no matter whether your house is a landed property, townhouse or condominium, care must be taken to carry out routine maintenance to make certain that the property of their value can be maintained. A few of the works that make the record include getting a fresh coat of paint, resurfacing of the drives, cleaning the gutters, removal of stains, pruning of plants and etc.