This month I would like to touch on the topic of Condo Maintenance fees.
Maintenance fees are paid monthly to your condo corporation. These are separate and above and beyond your mortgage payment. They are a shared pool of funds from all owners that help the condo corporation pay for expenses that your condo incurs throughout the year.
Maintenance fees vary based on what is included. They can also vary by the number of units there are in a building (smaller buildings may have larger maintenance fees as there are less residents to split the costs between). Your monthly maintenance fee pays for utilities (such as water and garbage collection), building insurance, maintenance of common areas (such as the windows, parking garage, gym, pool, lobby, landscaping) and the building’s reserve fund.
If you are interested in purchasing a condo, maintenance fees should play a key part in your decision making process as they are a cost you will own. If you are renting a condo, this cost is covered by your landlord, you are only responsible for paying your monthly rent and the utilities for your unit. Note though maintenance fees can and do change annually. They generally increase with the cost of inflation and as the building ages and requires upkeep and general maintenance.
The maintenance fee you pay for your specific unit is directly related to the square footage of your unit, in addition to your buildings’ specific amenities and age. Generally price per square foot ranges between 0.60 to 0.75 cents.
Working with a knowledgeable realtor to understand the history of maintenance fees in your building is key. If you have any questions on this, feel free to reach out to me.