When you purchase a condo, there’s a good chance you’ll have to pay condo fees. The idea is to keep common areas clean and maintained, and there’s usually a Condo board that is responsible for setting the rules and regulations.
Each Condo is different, but most have the same core elements. You’ll typically pay your Condo fees either monthly or annually, and it’s an important factor to consider when you’re weighing your options for a new home. So what is typically included in your Condo fees?
First, the fun stuff Amenities are typically the big perk of living in a community with a Condo fee. While you lose out on some of the freedom of living without a Condo board, you instead may get community amenities like a maintained pool, gym, clubhouse, tennis courts, and other amenities. The condo fees pay for cleaning and maintenance, so—in theory—you’ll always have a clean pool whenever you want to use it.
Protecting the community Condo fees often contribute to insurance for the community amenities, as well as a fund for unexpected repairs to damaged community property—think damage from weather or accidents.
General maintenance Your Condo fees will typically go toward maintaining the general safety and upkeep of the community. This means things like elevator maintenance for condominiums, snow removal, and trash/recycling services.
Be active in the association Every voice matters. Condo board meetings—and the amenities they support—provide great opportunities to meet your neighbors and make your community a better place.