A New Condo Owner’s Guide to Maintenance Fees
August 04, 2021
A maintenance fee is a monthly expense that every condo owner pays. They tend to range from $.30/sq.ft to $1.00/sq.ft depending on factors such as the age of the building, the location, utilities, and the amenities.
Maintenance fees are broken down into two categories: the condominium’s annual operating expenditures, and the condominium’s reserve fund. The operating expenditures cover costs such as staffing, certain utilities and taxes, common area upkeep, repairs, insurance, and cleaning.
The reserve fund is a requirement of all condominiums to ensure there is adequate funding to address any major or unforeseen issues.
Note that each building differs in terms of what is and isn’t included in their maintenance fee package. For example, water may be covered but electricity may be submetered, in which case the owner pays the utility company directly.
You’ll want to check in with your property manager to determine which costs are your responsibility and what is covered as a common expense.
Maintenance fees can be expected to increase each year due to inflation, property taxes, or the needs of the building. If the building has relatively few expenses, it is possible that maintenance fees can even come down.
The other upside? Maintenance fees cover the cost of perks you would normally be responsible for in a single home, including fitness facilities, security, pools, and larger entertaining space. These fees ensure these areas are kept clean and maintained.
The decisions that affect common expenditures, and thus your condo fees, are usually discussed at length by your condo board at annual meetings. Staying engaged in your community is a good way to ensure you’re getting the most for your money.
At Rosehaven Homes, we are keeping you informed about the finer points of highrise living. Register here to learn more about our spectacular upcoming condominiums such as The Vincent at the Vaughan Metropolitan Centre.
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