Condo Fees: What you Need to Know
These condo fees are monthly, mandatory fees that will cover numerous expenses such as utilities, shared amenities and a reserve fund used to maintain the upkeep of the building. Here’s what you need to know:
What are Condo Maintenance Fees For?
There are various misconceptions on what condo maintenance fees are exactly for. Condos.ca defines maintenance fees as covering a wide range of home upkeep costs from lawn care to roof repair. These fees do tend to inflate, acting as a fund for the continuing operations of your condo unit and building. They can also cover shared amenities such as a concierge, janitorial services, gym, party room, pool, guest suites, library, media room and more, depending on the particular building.
A monthly portion of your condo fees will also go towards the building’s reserve fund. The reserve fund acts as a savings account for unexpected repairs and replacements that may happen to the building in the future. Most condominiums in Canada are required to have a reserve fund.
Your condo maintenance fees also include paying for utilities such as water, hydro and possibly heat, depending on the building. When purchasing a condo, find out what utilities are included with your condo fees so you can find out how much you will be paying each month.
How Much Do Condo Maintenance Fees Cost Each Month?
The amount you will have to pay each month usually depends on the building, utilities, amenities and the square footage of your unit. For instance, a condo consisting of just a gym and party room may have lower maintenance fees than a condo with a pool and media room. Just like a two-bedroom condo will have higher maintenance fees than a studio unit. Maintenance fees do have the potential to increase so do keep that in mind when purchasing a condo.
With your new purchase, you will want to make sure your investment is protected. Desjardins condominium insurance covers your personal property and improvements made to your unit. It also includes liability coverage and all-risk insurance, which can help cover possible damage to your property such as your dishwasher breaking down and causing water damage or someone breaking into your home while you are away on vacation. Get a quote today or speak to one of our licensed insurance advisors and learn more.