How do you know if condo living is right for you? Many people get scared by the idea of condo fees, but it’s important to understand the value that comes with living in a condo community – the biggest of which is low maintenance.
Often people think that condo living is tailored to downsizers, to remove some of the maintenance, yard work, etc. that can become increasingly challenging. But in today’s fast-paced society, condo living can be very appealing to the young professional working many hours, or the family that would rather spend time getting the kids off to hockey practice than mow the lawn.
Depending on the building type, community layout, features of the project and number of residents, condo fees can vary, but it’s always important to understand what your condo fees include. Condo fees are generally made up of two components: maintenance fees and reserve funds. Reserves funds go toward ensuring the common elements can safely be repaired in case an urgent need arises. Maintenance fees cover the value-add components of the community.
Some examples of things that could be provided as part of a condo could include snow clearing from the street, snow clearing of driveways and walkways, landscaping, grass cutting, irrigation, and exterior window cleaning. It could also include providing amenities such as BBQs, benches, gazebos, play structures, a gym, or a party room. It’s important to always ask your Sales Professional what is included in your condo fees and what is considered a common element.