Before purchasing a house, buyers should ascertain the maintenance charges that will be applicable on the property in the future, as it could amount to a substantial sum. The main areas that you really need to be careful about are the maintenance charges as they can be quite too much.
- Most of the real estate listings do not include the maintenance charges in the Cost sheet they show and ensure that you have enquired all the details before paying the final sum.
- Maintenance charges are one of the most common future burdens that home buyers fail to take into account, while buying a house. Some builders often announce projects, as soon as they acquire the land for the same, and before obtaining the relevant approvals.
- They launch these projects at attractive rates and investors rush to make the most of it. Therefore, there is absolutely no clarity on what the future maintenance charges will be.
- Maintenance charges are decided, only after the builder finalizes the amenities, quality and finish of the building and value added services that he intends to provide in the project.
- Consequently, the amount of money that buyers have to spend on monthly maintenance charges, comes as an unpleasant surprise.
Types of maintenance charges
Maintenance charges are applicable as soon as the property is occupied by the buyer. One needs to maintain a property, whether new or old.
Maintenance charges cover the costs incurred on amenities, such as common areas, elevators, terraces, parking areas, expenses for building repair (covering all the charges for new additions and other structural changes), water charges, parking charges, property tax, insurance premium charges, common electricity charges, non-occupancy charges, service charges and other miscellaneous charges that may vary from society to society. They can be charged on a per flat basis, or on the basis of per sq ft area.
These are a portion of the ranges where the developer may charge you more. There are numerous sites on the web committed to land in India and they may give you a thought additionally on the same. An excessive number of individuals are dependably in rush with regards to the property choice and they regularly wind up paying significantly more than the genuine charges they may have paid on the primary spot.
There are numerous manufacturers who may charge you the entire as a general support and for this situation, you should get some information about the break out of the specific charges which you may believe that the developer is accusing you a greater amount.
Maintenance charge in the absence of a society or welfare association
In the absence of a society or welfare association, the developer is usually incharge of the overall maintenance, and it is his responsibility to disclose this cost to the buyer, at the time of buying the property.
Before the project is completed, the developer has to take charge of maintenance expenses and subsequently, transfer it to the society/association.
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