What are Association Fees?
Learn a few things about these monthly dues and why you need to pay them
Aside from paying rent, water and electricity bills, those who live in villages and condos need to count association fees as part of the overall home budget.
What are these fees anyway? Why do you need to pay them? Can we feel the impact of these extra costs? We shed some light on two commonly asked questions about these important dues:
What are admin fees or association dues?
According to the Magna Carta for Homeowners and Homeowners Association (R.A. 9904), association dues cover the basic services and facilities that benefit all homeowners within the village or building, such as security, street lights, maintenance, and even garbage disposals.
In condominiums, association dues cover security, maintenance of the building, and upkeep of common areas and amenities.
How are the fees computed?
It depends on your condo association. Some buildings compute association bills per square meter, and the amount charged per square meter also varies, while others charge the same for all unit owners. Take note that once the unit is turned over to you, you are required to start paying your dues.
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