As time goes by renovations, refurbishments and other costs have to be borne for any property. In a house these are termed as variable costs and vary based on the extent of the refurbishments and renovations you would have to make. But in a condominium these costs are termed as management fees.
Refurbishments that need to be made in a condominium are handled by the condominium management corporation. The corporation consists of members from the apartment units and a fee is charged on the residents for maintenance costs of the complex. This amount varies based on the apartment complex and is renewed each year.
The Condominium Management Corporation is a committee comprising all unit owners as members and comes into being with the registration of a subdivided building as a condominium property. It has a constitution and bylaws and can sue and be sued like a corporate body.
This corporation is succeeded based on perpetual succession and is a compulsory requirement, as per the Condominium Management Authority law.
The Condominium Management Authority regulates the Condominium Management Corporation, and the Authority has a set of rules to be followed by the Management Corporation.
Based on this the management corporation has a limit to the number of owners who can hold a position, the method of conducting meetings, etc.
More details about the Condominium Management Corporation and its functions can be found from our article Governance of The Condominium Management Corporation: The Rights, Duties and Responsibilities.
The warmth of a home or an apartment is brought out through its interior. The way you design it, what you include and how you personalize it all have an impact on your home. This is also why many people look for professionals when upgrading or refurbishing their property.
A growing trend in housing these days is the modern floor plans. Through this, a home is given a ventilated and spacious look without defined spaces. It also lets the homeowner explore different designing techniques and customize their home the way they want. As of now, Minimalistic designs, neutral shades, groomed outdoor landscape, and modern kitchens are the other trends overtaking the old-school techniques.
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