It is often seen that having our own home comes with lots of benefits and happiness but there is one typical thing called maintenance which aches our back & pocket badly. Now, imagine a simple thing that while investing in an asset you don’t just invest in it only for once instead you keep a track of its physical & internal health so as to keep it safe, secured and most importantly working. SBP has always put a few things in the light of our clients that do read all about the maintenance charges and why they are so important for all of us.
There are real advantages that you get while paying for maintenance. It also helps in maintaining a soft balance in the society’s expenditure and this is how it regulates further expenses of the society. A certain amount is fixed for every house and it is contributed every month and from this collected amount, the society’s board or committee decides where the money will go or invested in. The amount is usually the same for everyone but can differ from the size of your apartment or floor. Maintenance charges are usually high for people who occupy more space or bigger flats. There are so many expenses that are paid from the society’s fund. These charges are particularly regular and are spend on the daily necessities as well as some occasional events. SBP urges you to take a glimpse of the various services at which the expenditure is incurred.
1. Expenditure on Building Repairs
It becomes important to repair and rework on the buildings of the Society. The general body of each society sits and decides the subjected amount that goes into the construction of it. It is 0.75% of the construction cost. These charges do not include any other services in it. It is independent of all.
2. Repairing The Lifts
The charges of the lift are equally divided amongst the members of the society. It usually includes repair or electricity charges on other miscellaneous operations on a daily basis. Lift is the most crucial part of the high raising apartments and it adds ease and comfort to the rapidly growing lifestyle of many.
3. Parking Charges
Again the general body decides the amount that is to be paid to by every house for parking. It varies from place to place and society to society. Parking holds an important proportion of the land while constructing a society.
4. Water Charges
It is truly appreciated if the society is charging on the consumption of water for its residents. This really helps in saving water and avoids unnecessary consumption of it. There are water meters that measure the quantity of the consumption and charges it unit wise.
5. Sinking Fund
This particular fund is subjected to a minimum 0.25% of the construction cost of the flat per annum. Still, the final amount is decided by the society’s board on the basis of MOFA guidelines.
Interesting how every penny of your contribution helps in running the overall expenditure of the society. SBP Group advises all to become an active contributor and help in recovering or revamping your society and your homes. This is kind of an informal tax collected to run the society smoothly and swiftly. The flat maintenance charges are important and so is your participation.