Condo Maintenance Fees

[ninjat]

Hi,

Any guidelines on how much one should expect to pay for maintenance, tax, etc. if we have paid off the condo (i.e. no loans, etc.).

The condos we are looking at cost 10-12 million baht, around 150 square meters with 3 bedrooms.

Thanks,

Ninjat

[briley]

10 to 50 Baht per sq metre per month for maintenance. Plus sinking fund, water meter, insurance etc

You must ask the condo office before agreeing to buy anything.

[DoubtingThomas]

A few unknowns. Is it new or a resell? If it is new, you should get all the details from the developer, including CAM fees & sinking fund. If it IS new, beware of a low CAM fee, because the builder will often set a low fee for obvious reasons, only for the building to come up short of cash or let things slide very quickly.

If it is a resale, the juristic person (building mgmt) will tell you what the fee is. Again, a variable is the size of the development; generally, fewer units leads to higher fees (economies of scale) but then the ratio of common area to inhabited (units) area is also a factor. Again, a general rule is the older the development, the larger the common area. If it is an older development look very carefully at the state of the building maintenance because that might mean a big expense is just around the corner if there are signs of neglect. Find out how much is in the sinking fund. Again, too many variables to tell you how much is enough.

So, generally the CAM fees should run 30-50 baht/meter/month. Don't be seduced by low CAM fees. They're ultimately an illusion. Pay today or get a nasty shock tomorrow.

Finally, check on the Management. If it is a new development and is being managed by an offshoot of the developer, you'll be O.K. for a while, at least until all the units are sold(!). If it is an older building with outsourced management, bloody good luck to you. In my experience they're all shysters.