Most home buyers in Chennai are aware about the costs incurred while buying homes, since they are predictable in nature. What is not predictable is the maintenance charges as these are not one time expenses and can be a financial burden on the home buyer, later.
The quality of construction plays a major role in determining the cost of maintenance. small time developers may quote lower property prices, and buyers may regret buying such property later, since such developers use inferior quality construction material which do not last for long. Buyers need to ensure that they buy homes only from established developers with a reputation for quality construction, and reliable maintenance services.
Flat owners must ensure that the annual maintenance charges are used optimally by the housing society. A majority of housing society offices have a separate fund for maintenance towards which all property owners contribute. However, the onus of responsibility on flat owners does not end with merely paying these charges. They must ensure that proper preventive maintenance is actually undertaken and that maintenance funds are used for the specified purpose only.
Identifying problem areas in old building and taking steps to remedy them will enable the owners to maintain the health of the property. Where problems are tackled as when they arise, property maintenance will remain a major issue.
The solution to maintenance related issues are resolved to a large extend when the maintenance of the premises is entrusted to a professional agency under an annual contract. It must be remembered that recurring property maintenance expenses can be quite heavy if the building/project is not well maintained. This also reflects in future resale value of a flat, which is why units in older projects which have not been maintained well do not fetch the expected prices.