Do Condo Fees Really Suck?
Posted by Yoofi Gerard Hagan on Tuesday, January 5th, 2010 at 9:05am.
Most people are reluctant to buy condos because they do not want to incur the fees that come along with ownership of a condominium. The fact is that many of these fees are not out-of-the-ordinary, and many of them simply cover the costs of living, such as maintenance and daily upkeep.
Condo fees are simply each condo owner's share of expensive that the condominium corporation incurs to keep the building in prime condition. A recent law, The Condominium Act, states that all the expenses incurred by the condominium corporation to keep the building functioning properly are common expenses that each condo owner is responsible for paying his or her own share. Each year, the board of the condo complex must create a budget to estimate the overall costs of upkeep for the building. Then, the costs are divided among all of the condo owners in the building. These fees are payments that unit owners must make each month in order to cover the expensive of upkeep and daily care of the building, to ensure that the property stays nice and prime.
Condo fees usually cover the costs of maintaining the heat, hydro, exterior insurance, and water systems inside of the building. Also, condo fees will cover the costs of regular cleaning, pest control, landscaping, and recreation activities. Also, the costs of security are another major factor that these costs cover. Many condominium buildings now include twenty-four-hour security staff that monitor building activity.
Usually the costs of condo fees are a small price to pay for the luxury that you and your guests will enjoy while living inside of a condominium building. Compared to the costs that a freehold property owner may spend annually to keep up the appearance and quality of their home, the price of condo fees are minute. Also, by living in a condo, most of the costs for repairing broken elements will come out of the pooled condo fees, making the costs of repairs much cheaper than those of homeowners.
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