MAINTENANCE FEES AND HOW THEY WORK
One of the greatest things about condo living is enjoying a maintenance-free lifestyle. There’s no worrying about having your roof repaired, mowing the lawn, or even having your ducts cleaned – your condominium is responsible for keeping the building in good condition.
This is where condo fees come in. By paying a monthly fee (calculated at a set rate per square foot of your unit), each owner helps contribute to the upkeep of all communal areas, repair and replace materials or systems, and save up a contingency in case of larger emergency costs that will save residents money in the future. Overall, the fees typically cover:
Every building has their own breakdown of what utilities are covered by your condo fees, which in turn changes the amount you need to pay. At minimum, utilities usually covers things such as garbage removal and water usage.
Every building needs insurance to protect the condo corporation and building residents from unexpected accidents or emergencies. Though this insurance doesn’t cover your unit, it does ensure that common areas are covered.
From exterior to interior, landscaping to lighting, maintenance of common areas can get pricey. Your condo fees make sure that the proper upkeep is done to prevent damages from unnecessary wear and tear, as well as keep your community clean and beautiful.
The reserve fund is a pool of money that builds over time, covering major costs that weren’t budgeted for the year. This could mean replacing a boiler that suddenly broke, repairing or replacing the roof, or even updating the common areas to provide residents with a more positive atmosphere.
All of these things are essential to keep a condo building in good condition, maintain a trustworthy investment for owners, and provide all residents with a beautiful home. But you should always check to see what your maintenance fees cover before buying a new condo!