Condominium fees, often viewed as a fixed expense, are crucial for the maintenance and smooth operation of buildings. This amount covers essential expenses such as stairwell cleaning, corridor electricity, elevator maintenance, insurance, garden upkeep, and minor repairs.
The calculation of fees is based on projected annual expenses, including service contracts and other forecasts. Contributions to a common reserve fund, which should be at least 10% of other contributions, are added for the long-term conservation of the building.
Typically, each owner's individual fee is determined by their unit's 'permillage' (percentage share) of the building's total value. Specific expenses, like those for stairs or elevators, may not be shared by all residents, depending on their usage and the horizontal property deed.
