The homeowners association is an organization in which the owners of a building or set of buildings share the costs of maintenance and management of the same. In this organization, the locals are also involved and, therefore, should contribute to the common expenses. Below, we explain the costs involved the local community of owners.
Maintenance costs
The maintenance expenses are those that are made to conserve and repair the building and its facilities. Locals participate in these costs according to its share of participation in the community of owners. This fee is set according to the value that each location has in relation to the total value of the property. In this way, the local with the largest value participate with a higher fee in the cost of maintenance.
Cleaning expenses
The cleaning costs are those that are performed to keep clean the common areas of the building. The locals are involved in these expenses in terms of their use of the common areas. For example, a local who has direct access to a communal terrace, will participate in the expenses of cleaning the same.
Security costs
The security costs are those that are conducted to ensure the safety of the building and the owners. Locals participate in these costs according to its share of participation in the community of owners. For example, if you hire a security guard for the building, the premises participate in the expenses of your salary and your equipment.
Expenses of management
The management expenses are those that are made to carry out the administration of the community of owners. The locals are involved in these expenses are a function of their participation in the community of owners. These costs may include fees from the administrator of the community, the contracting of services for the agency or the acquisition of software management.
Extraordinary expenses
Extraordinary expenses are those that are made in a timely manner and are not included in the annual budget of the community of owners. These costs may be due to emergency repairs, improvements in the common facilities, or any other unexpected expense. In these cases, the local will participate in the extraordinary expenses according to their share in the community of owners.
Summary
The locals also participate in the common expenses of the community of owners. The expenses of maintenance, cleaning, security, management, and extraordinary are some of the expenses in which the premises are involved. It is important that the local people are aware of their obligations in regard to the expenses of the community of owners to be able to properly contribute to the same.