When you buy a flat in a housing society, you also join the society. It charges a monthly or quarterly amount to run and look after the building.
What the charges usually cover
- Service charges. Watchman, cleaning, common electricity, lift running.
- Repairs and maintenance fund. Routine repairs to the building.
- Sinking fund. Money set aside for major work years later.
- Others. Water charges, parking, and sometimes the building's insurance.
What to ask before you buy
- The current amount, in writing, for this flat.
- Any dues pending on this flat. These should be cleared by the seller.
- Any large repair coming up, and whether a special collection is planned.
- Last year's accounts, if the society shares them with prospective buyers.
Budget for itAdd the monthly maintenance to the EMI when you work out what you can afford. The calculators page has an affordability tool.