If you’re planning on buying or renting an apartment, you will encounter the term ‘maintenance charge’. This is a monthly fee you pay for the general upkeep of the property. Here are some common expenses you might incur as maintenance charge when owning or renting an apartment.
1. Service Charges
Service charges go towards paying the salaries of personnel working for the upkeep, security, and maintenance of the property. This includes security personnel, office workers, maintenance staff, housekeeping staff, and technicians.
This also includes the auditor expenses, common area charges, legal fees, and local federation membership fees, if applicable. These charges are levied on a per-apartment rate.
2. Building Community Maintenance Charges
The common areas in an apartment complex like lobbies, gardens, swimming pools, and their associated fixtures will need constant upkeep. This type of fee is paid on a per-square foot basis.
3. Elevator Charges
The repair and maintenance costs of elevators is a separate charge. This is because it’s expensive to employ a full-time maintenance crew. Instead, the building management usually grants the elevator maintenance contract to a firm and pays a monthly fee for their services. This charge also includes the electricity used to run the elevator. Usually, every resident is required to pay the same amount towards the upkeep.
4. Parking Charges
Parking spots are hard to find in urban areas; so it is a boon if your apartment complex comes with one. Parking spots, apart from saving time, also ensure that your vehicle is protected from theft and vandalism. Apartments usually charge for parking spaces, and the amount collected is spent on the maintenance of these spots.