Service charges for O&M benefits

Brett Stanion, associate director, Mace Macro International, explains how a small amount translates to big benefits in operations and maintenance.

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Service charge is a way of recovering operations and maintenance costs of common areas of residential and commercial developments, wherein the cost and quality of services are constantly scrutinised to ensure owners and occupiers receive value for money.

With an aim to provide users greater transperancy in relation to operating costs, a number of developments now undertake their service charge calculations and reporting in accordance with global best practices such as the Royal Institute of Chartered Surveyors’ (RICS) codes and guidance.