What’s Condo Fees
I was asked whether the fee increase as the price of the Condo goes up?
It’s a good question and I wanted to share this question and answer to everyone.
Some owners wonder why condo fees are high or in some occasions, low! Condo fees are evaluated on the corporation expenses. Each condo association have there on expense break down and how it is divided with the co-owners. Such enmities such as a swimming pool or gym are expensive to maintain, while some buildings need only general maintenance and the occasional snow removal. There is no capping of condo fees. Monthly fees are determined by a yearly budget and reserve fund studies to your condo. If the repairs and replacement are up to date, fees should stay the same. In some occasion where you have a condo building with only ten units and the major repairs needed to be made, such as, replacing the roof. In these occasions. The condo association (which in short means you and the other nine co-owners) meet to divide the cost among yourselves as well as taking some funds from the reserve.