How are condominium fees or management charges calculated?
Build a real monthly and annual budget, add a suitable contingency and apply the building’s lawful allocation method.
A professional budget covers more than cleaning and electricity: elevators, insurance, landscaping, fire systems, pumps, gates, preventive maintenance, accounting, collection and periodic checks. Routine expenses should be separated from one-off projects.
An online questionnaire can organise the data but cannot replace a property review. The property management company should examine invoices, consumption, contracts, systems, condition and the registered allocation method before presenting a reliable budget.
In practice, the building should define who may approve expenditure, what evidence is required before payment and how owners are informed. ALTIT LUXURY structures this process, centralises the information and brings decisions requiring approval to the condominium owners’ committee.
Three points to check
- Complete systems inventory
- Current invoices and contracts
- Contingency for unexpected work
Official and professional sources
These links are provided for further reading. Always check the authority’s website for the latest version and instructions.