{"id":13012,"date":"2021-01-23T13:47:50","date_gmt":"2021-01-23T13:47:50","guid":{"rendered":"https:\/\/adda.io\/blog\/?p=13012"},"modified":"2023-11-02T03:58:07","modified_gmt":"2023-11-02T03:58:07","slug":"budgeting-in-apartments","status":"publish","type":"post","link":"https:\/\/adda.io\/blog\/2021\/01\/budgeting-in-apartments\/","title":{"rendered":"Apartment Budgeting 101 : Interactive Webinar"},"content":{"rendered":"\n<p>Team ADDA organised a special Interactive Webinar Episode on <strong>January 23, 2021<\/strong> on the nuances of <strong>Budgeting In Apartments<\/strong>. Here are the takeaways from the Session.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-4-3 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Episode 10 : Budgeting In Apartments [ADDA Interactive Webinar]\" width=\"1170\" height=\"878\" src=\"https:\/\/www.youtube.com\/embed\/KxRbZRi1Bfg?start=309&#038;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Budgeting In Apartments : The Takeaways<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Before Budgeting for your Apartment, ensure all financial records of Previous Years are appropriately audited, verified and signed off by your Auditor. A best practice is to have two statements &#8211; Half Yearly and Annual.<\/li>\n\n\n\n<li>Prior to Apartment Budgeting, negotiate all AMCs. The bulk expenditure goes to Asset Management. This will give a fair idea of fair distribution of funds.<\/li>\n\n\n\n<li>Analyse Income &amp; Expense trends of previous financial years to arrest Fund Leakage.<\/li>\n\n\n\n<li>Divide your budget into OPEX (day to day expenses), CAPEX (long term expenses), Contingency (emergency expenses).<\/li>\n\n\n\n<li>Principles to prioritise your CAPEX budgeting &#8211; impact on Revenue, impact on longevity of assets\/property, preventive maintenance.<\/li>\n\n\n\n<li>Consider investing part of the Revenue.<\/li>\n\n\n\n<li>Strategise and implement Cost Optimisation methods.<\/li>\n\n\n\n<li>Bring in Digitisation to balance Expenses versus Income.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">Webinar Q&amp;A<\/h2>\n\n\n\n<p><strong>Q: What should one keep in mind when taking the Financial Handover from the Builder?<\/strong><\/p>\n\n\n\n<p><strong>A: <\/strong>The following documents should be in proper order :<br>1. Deed of Declaration<br>2. Status of collected Corpus Fund, Taxes &amp; complete Financial Statement.<br>3. Ownership\/transfer of ownership status of lifestyle (clubhouse, gym, swimming pool, etc.) and parking facilities.<br><br><a href=\"https:\/\/adda.io\/blog\/2011\/06\/complete-builder-to-housing-society-handover-checklist\/\">You can check out more details here.<\/a><\/p>\n\n\n\n<p><strong>Q2. How to choose your Association Bank?<\/strong><\/p>\n\n\n\n<p><strong>A: <\/strong>Check if the Banks satisfy the following criteria :<br>     1. Verified &amp; approved by RBI.<br>     2. Success rate with maintaining high value accounts.<br>     3. Interest offered as per Market Trends<\/p>\n\n\n\n<p><strong>Q3. Is it advisable to make Capital Expenses from the Regular Income?<\/strong><\/p>\n\n\n\n<p><strong>A: <\/strong>It is strongly advised to utilise regular income for day to day expenses. Capital expenditures are large in nature and it is advisable to build a corpus fund to take care of such expenses in budgeting in apartments.<\/p>\n\n\n\n<p><strong>Q3: What are alternative revenue generation streams for Housing Societies?<\/strong><\/p>\n\n\n\n<p><strong>A: <\/strong>Cost optimisation, renting out facilities, programmes like <a href=\"https:\/\/adda.io\/blog\/2020\/11\/apartment-revenue-generation\/\">ADDA RevGen<\/a>. <a href=\"https:\/\/adda.io\/blog\/2020\/02\/apartment-billing-software-to-increase-revenue\/\">Click here for a detailed report on this.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Team ADDA organised a special Interactive Webinar Episode on January 23, 2021 on the nuances of Budgeting In Apartments. Here are the takeaways from the Session. Budgeting In Apartments :&hellip;<\/p>\n","protected":false},"author":1,"featured_media":13015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[141,2024,2019],"tags":[1277,1464,1280],"class_list":["post-13012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-adda-buzz","category-adda-community-accounting","category-adda-india-housing-society-apartment-management","tag-apartment-budget","tag-apartment-budgeting","tag-society-budget"],"_links":{"self":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/13012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/comments?post=13012"}],"version-history":[{"count":4,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/13012\/revisions"}],"predecessor-version":[{"id":17125,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/13012\/revisions\/17125"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/media\/13015"}],"wp:attachment":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/media?parent=13012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/categories?post=13012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/tags?post=13012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}