Condo maintenance fees, also called common expense fees, help pay for the operation and upkeep of the condominium. They also include contributions to the reserve fund. What is included varies, so compare the details for each property.
What are you paying for?
Fees support shared building expenses, such as cleaning, management and common-area maintenance. Check the property’s documents to confirm the services and utilities included in its monthly fee.
Compare the total monthly cost
A lower fee is one part of the budget. Look at the purchase price, mortgage payment, property taxes, insurance and any services you would pay separately. Confirm how parking and locker costs are handled.
Questions worth asking
- What is included in this suite’s monthly fee?
- Which bills will I pay separately?
- What do the budget and financial documents say about the building’s expenses?
- What can my lawyer tell me after reviewing the status certificate?
The goal is a home you can comfortably afford and a clear understanding of what you are paying for. Bring us two listings you like and we can help you compare the questions to ask.