Operational cost
A freehold owners’ association will be set up embracing all of Pamfilia Residence – i.e. eight buildings in all with their common and surrounding areas.
The association’s statutes, which establishes the holiday apartments’ final distributional number, members’ rights and obligations, their use of the buildings and common facilities, the constitution of the committee, etc., are currently being drafted.
There is, as yet, no detailed budget for the operation of Pamfilia Residence, although the estimated contribution to joint expenses is expected to be EUR 60-70 a month per freehold for the first year of operation.
Joint expenses to be covered via the freehold association are for example:
- maintenance and cleaning of the buildings, common and surrounding areas (e.g. pool, lifts and stairs)
- janitor and other staff
- property tax
- premium for combined insurance of the building and contents of the owners’ apartments*
i.e. expenses relating to the buildings themselves (the outer controlled environment shell) and the common areas/facilities.
* In Turkey, the individual owners of the apartments and not an owners’ association take out insurance against fire and damage, including earthquakes.
In the event of damage there is, therefore, a risk that disputes may arise between the different insurance companies in the property, and that consequential damage in the surrounding holiday apartments may have trouble securing cover if the injurious party is not insured.
The cost of e.g. interior maintenance and cleaning of the apartment is paid by the owner in addition to the above-mentioned joint expenses paid via the freehold association.
Electricity and water are paid according to consumption.