Condo Maintenance Fees In Toronto
What do Condo Fees Include?
If you’ve been keeping up with my blog, you’ll know that condos always come with a price (and I’m not just talking about upfront purchase fees and closing costs)! On top of your mortgage, you will have to pay monthly condo fees in order to live in the building. If you want to know where your hard-earned money is going every month when you own a condo, you’re in the right spot. Today, we’ll go over everything that condo fees include and what benefits they buy you!
Condo Fees Include Costs for Interior Upkeep
While a maid may not come in and clean up the mess you’ve made in your condo unit, somebody has to take care of all the spaces that residents share. Your monthly condo fees include the price of the chemicals needed to keep the pool clean, the replacement of old, damaged equipment in the gym, and general janitorial work such as vacuuming the carpets in the halls and keeping the lobby dust-free. All residents share in the task of keeping the inside of their home clean by paying into condo fees each month.
Condo Fees Include Costs for Outdoor Maintenance
Do you hate gardening? Mowing the lawn? Clearing the snow off the sidewalk? Then condo living is the right choice for you! Of course, nobody is going to do these tasks just for the fun of it. That’s why a portion of your condo fees go towards the costs associated with regular exterior maintenance. This ensures that everyone is safe and the building keeps up its outer appearance, which is important in maintaining and raising your condo’s value over the years.
Condo Fees Include Utility Costs (Sometimes)
If you’re not paying an individual water, hydro, and gas bill, then you are certainly paying for it in condo fees. Some condos choose to charge residents a fee for utility usage based on averages, although this is not true for all buildings. Regardless, a portion of your condo fees will inevitably include some shared utility costs so that the lobby and hallways remain well-lit and the pool is heated year-round.
Condo Fees Include a Portion for a Reserve Fund
Sometimes things just don’t go to plan. That’s why every condo homeowner’s association is required to create and manage a reserve fund. A reserve fund is money that is taken out of monthly condo fees and put away for later use when unexpected costs come up. For example, money may be taken out of the reserve fund during the winter due to rising heating costs. It always pays to be prepared, which is exactly why you pay into a reserve fund in your condo fees.
Condo Fees Include the Price of Renovations
Renovations are necessary to keep your condo looking fresh and keep you safe. When the windows need to be replaced or the tile needs to be updated, all residents pay for it through condo fees. While the cost of renovations typically comes out of the reserve fund, there sometimes isn’t enough saved to cover it all. That’s when residents may be charged additional monthly costs for a small period of time, known as a “special assessment.” Although this amount shouldn’t be detrimental, I would strongly encourage you to put a bit of money aside so that you don’t need to stress when special assessments do arise.
Have More Questions Concerning What Condo Fees Include? I Have the Answers!
Feel free to call me anytime at 647-519-5751 and I will help explain everything you want to know about condos and condo fees. I can also be reached by e-mail at firstname.lastname@example.org if that is more convenient for you. As always, I look forward to hearing from you!
If you would like to discuss more about the condo maintenance fees or would like to explore the pre construction condos opportunities, please book an appointment with Arshad Hussain. A trusted name in Toronto pre-construction real estate.