Expenses And Payments Made In The Condominium

Expenses And Payments Made In The Condominium

When a building is divided into different independent or autonomous fractions, we speak of horizontal property. When they belong to different owners, we speak of condominiums. Life in a condominium like condo Chatuchak (คอนโด จตุจักร which is the term in Thai) is similar to life in a community because it involves the management and maintenance of spaces common to all and discussing issues of interest to the owners.

There are different types of expenses common to all building owners. Are they:

All day-to-day expenses (usage expenses) such as payment for electricity, water, sanitation, replacement of glass, light bulbs, minor repairs, and the purchase of necessary materials (cleaning, office, etc.)

Expenses related to the payment of remuneration of service providers: concierge, gardening, security, maintenance of elevators, water pipes, garbage, among others.

Building maintenance expenses such as works and repairs, paintings, replacement of pipes, elevators.

Expenses for innovations happen when new elements are installed in the building.

All these expenses are paid, in principle, by all the joint owners in proportion to the value of their shares, as indicated in the title deed to the property, or they can be divided into equal parts if agreed by the majority of the interested parties. Here, it will also depend on what is previously established in the regulation.

Concerning the cost associated with all these expenses, a common reserve fund (required by law) is created to finance them, made up of monthly contributions from the parties and applied to a Savings Account-Condominium.

The condominium budget is decided at a meeting (usually annual) where the quotas are defined. You must participate in these decisions. An administration is needed to manage the accounts and resolve the various issues on the horizontal property involved.