CONDO FEE: HOW TO EVALUATE THE VALUE?

Want to find out how to evaluate the value of the condominium fee? Check out the following content!

The condominium fee is one of the bills that most disturb residents, especially in large urban centers, where everything is more expensive. However, this contribution is indispensable to maintain the functionalities of the place and bring comfort and security to the inhabitants.

Before choosing a property, it is essential to take this rate into account, as calculating it fairly is not a simple task. There are some factors that, when taken into account, help to reach the ideal price.

Want to find out how to evaluate the value of the condominium fee? Check out the following content!

How is the condominium fee calculated?

Basically, this fee is calculated by adding the fixed expenses to the eventual expenses of the condominium. Among the main fixed expenses are the staff, with salaries and all their charges. There is also spending on bills, with electricity, water and gas as the main ones.

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Administrative costs are also part of fixed expenses. Among them are the bank costs, the payment of the condominium administrator and, if applicable, even the exemption that is granted to the liquidator.

Sporadic quotas should include general services, including the addition of ISS (Service Tax of Any Nature). Among them are the maintenance of elevators, the cost of  decorating  the entrance, care for leisure areas, garden conservation, repair of broken equipment, among others.

Cleaning supplies, notary and postal costs are the final part of this expensive equation, which will be shared by all residents as a condominium fee.

What is the rate per ideal fraction and rate per unit?

The way in which the condominium fee is collected varies from place to place and is established by the convention. This topic is the subject of a controversial debate among liquidators, administrators and residents, who generally have antagonistic points of view in relation to collection.

The common areas must be maintained financially by the tenants themselves. However, the way in which this sharing takes place varies widely. In some places, the ideal fraction charging model is applied, while others choose to collect per unit.

The ideal fractional rate provides that residents of  more valuable  and larger  properties  , such as penthouses and double apartments, pay an amount proportional to the length of their property. The unit charge considers that everyone must pay the same amount, regardless of the size of their dwellings.

What has changed in the condo fee law?

In recent times, there have been some changes in the law on the condominium fee. More precisely, these changes concern the recovery of overdue amounts.

The first amendment determines that the warning related to the collection of debts with the condominium can be made through the Post Office, as long as the letter is posted with acknowledgment of receipt (AR). There is no longer a need to personally notify the defendant.

The second change is in the characterization of the collection action. Now, it starts in the execution phase, because the legislation started to understand this debt as an executable title. Thus, the resident will have a period of three working days to settle his debt or indicate goods for auction.

If this does not occur, enforcement is determined by pledging your possessions, and the property in question may even be used to pay the outstanding balance.

 

Source : Tajarat.com.pk

 

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