The cost of owning a condo doesn’t stop at just buying the unit itself. There are plenty of other financial obligations you need to think about once your Midori Terraces condo is turned over to you.
Missing any of these payments may mean racking up costly penalties or even losing your condo entirely. For this reason, it’s important to keep track of these condo taxes and miscellaneous fees. This handy guide will help you stay on top of what you need to know.
Association dues are monthly fees collected from condo residents to help cover maintenance costs, the salaries of the property management office staff, utilities, and insurance of the building’s common areas.
You’ll need to consult with your property management office to determine what you’ll be required to pay every month. As a general rule, the more amenities and general services your condo offers and the bigger your unit is, the more expensive your association dues will be. The cost of your association dues depends on the number of amenities in your condo, size of your condo unit, and the total cost of managing the property’s common areas.
Should you choose to rent out your unit, you may require your tenant to shoulder the cost for you or include it in their rental fee. Otherwise, you’ll need to settle the dues, regardless of whether your unit is occupied or not. Failure to pay these fees will result in penalties and restricted access to the condo’s amenities.
Real property tax is collected from real estate properties such as buildings, land, and other improvements to fund the cost of public expenditures. This tax is collected from condo unit owners for the undivided share in the building’s common areas (owed by the condo corporation) and the individual unit (paid directly to the local government).
As a Midori Terraces condo owner, you’re responsible for paying real property taxes. Meanwhile, tenants of a rental unit do not need to pay for RPTs. You have the option of paying for it either in quarterly installments or in full. When you pay in full, you’ll have to settle it on or before January 31 every year. Installment payments have deadlines on June 30, September 30, and December 31.
Those who fail to pay RPTs will accumulate interest on top of the unpaid amount. Typically, you’ll need to pay a 2% interest or up to a maximum of 72% if you fail to pay for 36 months or three years. Beyond that, the local government has a right to civil action to collect delinquent condo property tax.
Parking fees aren't something every condo owner needs to pay. If you own a car and buy a parking space, you need to shoulder the cost of monthly parking fees. These fees depend on the size of your parking space and your condo’s location. It’s recommended that you ask your property management office about these specific dues.
Utilities are paid every month for the use of things like water, electricity, cable TV, and the internet. Some condominiums are already partnered with certain utility companies, but you can always work with your preferred providers. You’ll normally pay for these dues yourself, but if you rent out your unit, these can be shouldered by your tenants.
The cost of these fees depends on the provider you use and what particular service packages you avail of. Failing to settle your bills before the due date means that you could risk the disconnection of your services.
All that said, avoid costly penalties while owning your Midori Terraces condo by taking note of these financial responsibilities.
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