Are you paying more for your flat maintenance?

The rising prices and shrinking options are now quietly getting accepted by people, as they seem to give up now. The hole in the pocket is growing bigger and bigger everyday. No matter how much you earn, the impact is felt by everyone.

Home buyers are witnessing a similar type of situation nowadays. If the escalation in maintenance charge is genuine, you need to manage the burden somehow, but in case of illegitimate hike you need to keep yourself vigilant to repress. Let us check some important flat maintenance charges attached:

Collective Charges

If you are living in a large complex or society, there would be a regular usage of common utilities such as lighting, security, plumbers, cleaning, gardening, repairs and security etc. Such charges are paid by each member as per calculated share. The inflation has translated into price hike when it comes to all these charges. If you are planning to buy a new flat, search for an apartment that uses hi-tech equipment for electricity and security purposes; it can reduce the charges to some extent. Advance technology is very much in trend nowadays and it has benefits in the long term as well; but, the cost analysis should be done properly.

Water Charges

If your family size is not very big, then always look for an apartment that charges you for water bill on actual usage and not on equal distribution basis. Your neighbor may use more water and for that if you are asked to share the charges, then it doesn’t seem a genuine practice. There should be a water meter in each flat to overcome such situation.

Personal Repairing Expenses

When you buy a flat, then the quality of construction and material is a very important matter. The building material, wiring, flooring, pipe fittings etc. must be of high quality to avoid breakdown in a short span of time. If you plan for a paint in your flat then look for a collective bargain by convincing other members of the apartment for a makeover.

Ways to Tackle Bulging Charges

When the prices are shooting up across the whole nation, then you can’t remain intact in such situation; but, you can definitely reduce the impact. If you are using water heater, then discuss in your society for a common solar water heater. It would cut the electricity charges significantly. Renting out the common area in society for shops, mobile towers in the roof area or unutilized parking space can be good revenue generating options and it would reduce the collective charges to some extent.

Finally

If you already own a flat, then you are in a better position than someone who is intending to buy a new home in the coming days. Nowadays, developers are trying to woo buyers through various discounts and offers. The interest rate hike has made the property prices to shoot up. In such a situation, developers are giving discounts to buyers in one hand and taking it back from the other hand by increasing the maintenance cost. A normal buyer either cannot catch such tactics or ignores it considering the charges not being a huge amount.

Some developers are even pre-occupying the common apartment area to rent it out and earn more money out of it. Some are even putting a clause that the buyer must take all maintenance services only from the developer or a body recognized by them and by doing so, they set hefty charges for all the services. Therefore, it is important to understand the charges in advance before you buy a flat. The flat may cost you lesser today, but the maintenance charges can ruin all your happiness when you actually start living in it. So, be analytic and vigilant while evaluating a proposal to buy a property.

Source: InvestmentYogi is one of the leading personal finance websites in India