What condo fees really pay for
THE HOME GUIDE · 08
What condo fees really pay for
A condo fee is one part of a home's cost. The best comparison starts with what you get for the money.
ABOUT 3 MINUTES TO READ
A QUICK LOOK · THREE THINGS TO KNOW
01 / START HERE
See what is included
One condo fee may cover heat and water.
02 / START HERE
Look at the building's savings
Condo fees also help pay for shared repairs.
03 / START HERE
Add up the whole cost
The fee is only one bill.
A lower condo fee can look like a better deal at first. But one building may include heat and water. Another may need more money for future repairs.
PART 01
See what is included
One condo fee may cover heat and water. Another may not. Ask for a list of what the fee pays for before you compare two homes.
PART 02
Look at the building's savings
Condo fees also help pay for shared repairs. Find out if the building has set money aside. A low fee today may not stay low.
PART 03
Add up the whole cost
The fee is only one bill. You may also pay taxes, power, insurance and a mortgage. Compare the full monthly cost of each home.
A SMALL STEP YOU CAN TAKE
One thing to check today
Ask what the fee covers. Read the budget and building records with a qualified person.
HOW TO USE THIS
If you are buying or selling
If you are buying
Check the building's bills and plans before you make a firm choice.
If you are selling
Have current fee details and building records ready for buyers.
SAVE THIS LIST
Three questions worth asking
- What does my fee cover and exclude?
- What do recent statements and reserve planning show?
- Are major repairs or assessments planned?
SOURCE AND FURTHER READING
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