Things to consider about condo fees
Nearly all condos and townhomes have a little thing called condo fees. If you're new to condo fees, we will break them down and help you navigate them.
When starting your condo search and figuring out affordability and your home budget, it's important to make sure you account for condo fees as well. When discussing with your new condo builder ask the questions "How much are my condo fees" and "What do my condo fees cover?" These questions will assist you in figuring out your overall budget as some condo fees will cover your heat, water, and or electricity.
Although condo fees have a bad stigma due to yearly increases by a small percentage, when managed through the proper association it will protect you and your investment long term. More importantly, think of your condo fees as a layaway plan for not only the overall good of the building but your condo as well. Windows, doors, landscaping, snow shoveling, parking/parkade maintenance, building insurance, and garbage/recycling programs are all covered. Anything extra a month goes into a reserve fund where it is pooled for bigger purchases years down the road such as roofing, paving, and or siding.
Condo fees might seem to be an inconvenience but whether you choose to be a condo owner or a detached homeowner it is within good practice to put money aside for unexpected situations, or the natural wear and tear on a home that comes with age. Whether you own a condo or a detached home, eventually you will have to put money back into the upkeep of your home.
As with all investments, condo fees aren't just about what you pay but also what you receive out in return. Peace of mind, savings, and low maintenance sound good to us!
Curious to learn more about Q condos and condo fees? Visit our Presentation Center today or contact our sales team!
