Condominium for Sale - Fees you must know

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Having a condo unit is far war from having a single family house or residence. Why? One big reason is due to the shared common spaces and amenities. Condo community associations represent the interest of each owners and they are usually run by an elected Board of Directors (elected by unit owners). This association is responsible for setting the condo fees, which will cover most maintenance, repairs and sometimes utilities for each unit. Condo fee varies and depends on location, property value and included services. These may include the following.

1. Utilities

Condo fees cover the utilities such as water, sewer and trash. This might increase the amount of money you pay in condo fees on an annual basis. Before you buy a condo unit, you must check with the association on whether utilities are included. Most condo owners pay for cable, telephone and internet services on their own.

2. Insurance

Most condo fees include a homeowner’s insurance policy on the exterior of the condo, any shared of common areas and the building structure itself. This will help you to save money when you buy homeowners insurance. Why? Because you’ll need a policy that only covers the interior of your condo. Consider purchasing insurance for personal property as well, because most condo fees don’t insure your personal belongings.

3. Maintenance and Repairs

As a unit owner, you will share the cost of maintaining both the interior and exterior common areas with the other owners . Exterior maintenance may include winterizing, cleaning out gutters, landscaping mowing and trimming, Interior maintenance may include paint and carpet cleaning in the fitness room and community center, maintenance of elevators, lights and the inspection and keeping of common cooling, heating and electrical or plumbing equipment.

In addition to maintenance, condominium fees cover also the major repairs such as the exterior siding may need to be replaced, need of new roof,  and new paving in parking lots. These replacements and repairs are not made yearly but yet important in keeping the condominium property attractive and habitable. A part of your condo fee goes into a reserve similar to a savings account for these large property expenses.

4. How much all these cost?

Fees vary greatly on many different factors such as by region. A development with few amenities in a small town might charge less than $100 per month, while a large community in a major city may charge more than $1000 monthly. It all depends on many factors. You may ask the association regarding these matters.


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