Living in a condominium means not worrying about lots of little things that you’d ordinarily be concerned with in a home. Trash removal, shoveling snow, building maintenance, even your cable and internet connection can all be covered by the monthly fees that you pay to your condominium association. But for those who have never lived in a condominium setting before, these fees can be a little unsettling. Are they worth it?
Condominium fees vary from building to building, but are usually in the neighborhood of a few hundred to a thousand dollars per month. Fees that are exorbitantly high can be a cause for concern; before purchasing a unit, it’s important to review the condominium documents to make sure you know what you’re paying for. When it comes down to things like garbage, outdoor space upkeep, and snow removal, since you’re not directly hiring someone to handle these problems, it makes sense that all condo owners would pay into the fund to make it happen.
Another one of the most common uses of condominium fees is money going towards building-specific amenities. These amenities can often include a gym, pool, or sports court, and often serve to support a communal space available to all building residents. It’s important to remember that these maintenance fees don’t cover basic repairs in your own unit; after all, you are responsible for upkeep of your own property once you own it.
It’s also important to remember that condo fees are not static over time. While your mortgage payment may be fixed, condo fees are liable to increase over the years. Why? It all comes down to the cost of running the building. Along with being subject to inflation, if the building costs increase, the condo fees can increase accordingly. However, condo fees are ultimately controlled by those who own units in the building, so as a homeowner, you’ll have some say in the process.
Being a resident of a condominium brings with it lots of benefits and takes away lots of worries that plague the homeowner. Living in a condominium is a cooperative effort, but it can be very rewarding. Thinking about a condominium? Copper Hill can help.