Condo Maintenance Expenses

Reachable – that is how owning a condominium unit is these days. Gone were the days that the highly regarded condo unit was considered as just eye candy. Buying a condo nowadays is as easy as purchasing your own car. In fact, they have almost the same terms of sale – low/zero downpayment, low and reasonably priced monthly amortization, etc. But that is not all there is to it.

Here at Dolmar, we want to show you not just the positively light and pleasant side of condo living. We would also like you to realize that comfortably beautiful living always has a cost, regardless of property developer. And that cost – aside from your monthly amortization – usually depends on your unit’s floor area and/or location.

Association dues. Whether you live in a regular house or a condo, you will still need to pay your association dues. You start paying for this as soon as the unit has been turned over to you. These are used for the overall operational expenses – a shared condominium cost by all unit owners and paid monthly or annually (depending on developer) to the property management office.

In other words, the proceeds collected from unit owners are used for the upkeep of the whole condominium. Electricity and water in common areas are covered by said dues, swimming pools and public restrooms included. You also pay for security, as the wages of janitorial, maintenance workers, and security guard services come from this fee that you need to pay regularly. Your fee also covers overall maintenance repairs, income taxes (because said dues are now subject to income tax and value-added tax as per BIR Revenue Memorandum Circular No. 9-2013), and licenses. These dues are computed based on a fixed price per floor area. The price range depends on the location of the condominium. There is also a minimal late fee charge if this is not paid on time – which is understandable since it covers a lot of things for your comfort, entertainment, safety and security.

Parking fees. Speaking of parking, it has a separate fee. The unit itself is affordable. If you have a car though, you might want to think twice about getting your own parking slot. (Because… well, where would you park your ride, right?) It does not come with the condo package. It has a separate lot price. In other words, you not only buy shelter for yourself, but you also need to buy a slot for your car. Prices of condominium parking spaces depend on the location. Around 8-10 sqm in prime properties like the ones in Makati or BGC can go for as low as P400,000 to P1.5 million per slot. It would possibly be lower than that if it’s a semi-prime location.

What’s the best thing about having your own parking space? If you do not need it anymore, it could yield a possible future income in the form of rental to other tenants who cannot afford their own slot. Rental rates can be pegged at a possible P5,000 to P12,000 per month.

Monthly utilities. Aside from the ones mentioned, of course you also need to pay for the usual bills to keep you and your condo functional – electricity, water, internet, and cable

Whether you own a big or small unit, you are responsible for following the rules of your property management office which would also benefit you eventually. So time everything and have a monthly reminder of your due dates for a smooth-sailing and enjoyable condo living.