Paying maintenance fees for your condo can help create a more hassle-free and amenity-filled lifestyle. However, what they cover may not be easily identifiable to the resident, and the cost of the maintenance fees can differ depending on the property. If you’re buying a condo for the first time, you might be curious about the areas that maintenance fees extend to. It’s true that condos often provide many notable benefits to their occupants, and this type of ongoing expense is necessary when it comes to convenient building features. Whether it’s a house, townhome, or condo, money needs to be spent to maintain and repair it. In case you’re living in a condo, let’s explore the maintenance fees related to condos.
Interested in renting or purchasing a condo unit? Here are answers to common questions surrounding the maintenance fees that would come into play:
What does maintenance cost for condos go towards?
Since a condo unit is situated inside a larger residential property, although taking care of one’s own space is up to the resident, the cost towards providing shared amenities, maintaining common area grounds, and the overall building are handled separately. In addition to lawn care, snow removal, and upkeep of the roof, the maintenance fees will usually be contributing towards the indoor or outdoor common spaces, available amenities, as well as compensating staff members that manage the property. Lastly, a portion of these monthly fees will be deposited in the reserve fund for the building, which is used in the event of unexpected situations.
How is the pricing determined for maintenance fees?
Due to the differences between the city’s condos, it’s important to work with an experienced real estate agent in Toronto who can guide you about the maintenance fees for the units you’re looking at. They will vary according to the condo complex, but based on data from condos.ca, the average maintenance fee in the GTA this past year was 64¢ per square foot. It’s also crucial to keep in mind that purchasing a parking spot or locker will add a flat fee to the overall amount, and that higher maintenance fees might be a potential factor with an older or boutique condo.
If you’re beginning the search for a new home and are wondering how to find a realtor, contact Real Pavel for the optimal experience of finding your dream space.