Condo Fees – Protecting your investment since you moved in
Condo fees get a bad reputation and that’s normally the case when you don’t understand them. We fear what we don’t know and condo fees leave a big question mark with home buyers and owners alike. Let’s talk about what condo fees are and what they actually do.
Condo fees take care of exterior maintenance which includes the grounds’ lawn, landscaping, snow removal, roadways and street lights. These grounds fall under the property of the condo and not of the municipality. Also I should mention that it covers the exterior maintenance of your home and everyone else’s’ living in the condominium building/area. Living maintenance free definitely has its benefits; whether it snows or rains you’ll never have to worry about shoveling or mowing and your community will remain preserved as will your investment for years to come.
The condo fees also upkeep any shared interior common areas like the lobby, parking garage or the residential social room. The rest of the funds that aren’t used for ongoing operations go towards a reserve fund. Reserve funds are designed to minimize the costs to homeowners in the event something needs to be replaced or fixed in or on the property (i.e. like if the roof required significant repairs).
Worried about how the condo fees are being used, spent, etc? Join the condo board, home owners are encouraged to participate and represent themselves on their condo board.
Simply put, condo fees allow you to forget about maintenance while enjoying the beauty of a well-kept home and the benefits of looked after common areas. The money you could be spending on tools and supplies is reallocated to condo fees giving you more free time and less worries. Condo fees are the perfect solution to a busy lifestyle!