Oftentimes, buyer’s find great condos in prime locations at reasonable prices, but the maintenance fees leave them debating.
Buyer’s often see maintenance fees as a burden while living in condos. Though, these buyers must fully understand the costs/expenses associated with maintenance fees; gym membership, lockers, roofing, security and maintenance, water, gas, electricity, and cable. Oftentimes these costs/expenses are all included in the maintenance fees, which would have otherwise been incurred separately.
Maintenance fees help make the buyer’s life much easier as it frees them from tasks that can be seen as annoying and time-consuming such as shoveling the snow during the winter and mowing the lawn. When determining a building’s condo maintenance fees various factors are taken into account (the number of units for example). Generally speaking, buildings with a larger number of units benefit from economies of scale as more units are pitching into the building’s overall maintenance fee. It is also very common that larger buildings with numerous amenities have lower maintenance fees in comparison with smaller buildings with fewer amenities. Effectively managing the condo building and its reserve funds (money kept away for a “rainy day”) directly impacts the overall value of the building.