Part 33 - Of leaky roofs, common area repairs and sinking funds | Bangkok Post: property

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Part 33 - Of leaky roofs, common area repairs and sinking funds

  • Published: | Viewed: 1,155 | Comments: 0
  • Newspaper section: Spectrum
  • Writer: Angus Mitchell and Marcus Collins
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Two of the main attractions of owning a condominium rather than a house are that maintenance responsibilities are handled by a manager and the cost of common area repairs is borne equally by the co-owners. 

At the heart of this system is the sinking fund. While these shared pots are essential for financing condominium repairs, they are not a guaranteed defence against owners having to pay for additional repair work to common areas. It is important, therefore, for prospective and existing condo owners to understand their liabilities with regard to common area repairs, the nature of sinking funds, how they are used, and the scope of their fiscal obligations to them.

Condominium ownership rights and obligations are detailed in the Condominium Act (2008), which states that all owners are liable for a proportionate share of expenses incurred in maintaining and repairing common property. This comprises the land on which the building is situated, the building superstructure, lifts, and anything else related to common area aesthetics and usability, such as swimming pools, exercise facilities and parking areas.

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