Maintenance and repairs of common areas: This could include hallways, stairwells, garbage rooms, landscaping, parking lots, and other shared spaces.
Utilities: This might include water, electricity, trash removal, and sewer services for common areas.
Building insurance: This covers the cost of repairing or rebuilding the building in case of damage.
Management fees: This pays for the salaries and expenses of the people who manage the building.
Reserve fund: This money is set aside for future major repairs or renovations.
Service Charge Covers