Building service charges: what sits behind the number
Service charges are not a fixed number. They are a picture of how the building operates and what condition it is in.
01
What they include
Cleaning, lighting, lift, heating and maintenance form the base. Special contributions for repairs can change the monthly budget significantly.
Ask for recent statements and general meeting minutes. Service charges show whether the building is organised.
02
How they affect the decision
High charges can reduce demand and affect price. Low charges with hidden repairs are more dangerous.
The buyer must calculate the total cost of living, not only the purchase price.
“Service charges are not a detail. They are part of the property price.”
This article is general information and does not constitute legal, tax or investment advice.
The Journal
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The Journal
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