Condominium service charges: definition
Condominium service charges cover a building’s shared expenses: maintenance of common areas, the building envelope, parking, central heating, administration and property management.
Who pays condominium service charges?
They are paid by the co-owners in proportion to their ownership shares. In an affordability assessment, these charges are added to interest and amortisation to calculate the overall housing cost in your budget.
How much do condominium service charges cost?
For example, for a condominium apartment (PPE), your condominium service charges can amount to CHF 500 to 700 per month depending on the building shares you hold. It is essential to add this amount to your mortgage instalments to assess your total costs. Before buying in co-ownership, always request the accounting documents to determine exactly how much the previous owner paid.
