What are condo fees and why do I have to pay them?

This is a question that we are often  asked.  The monthly condo fee amount can very quite a bit between complexes and can also vary in what is included in the fee.  Typically all condo fees include insurance for the building (you need your own contents insurance), property management fees, maintenance for the building exterior and common areas, parking, extra facilities, reserve fund contributions and landscaping and snow removal.  For apartment style condominiums it may also include water, heat and occassionally electricity.  Most townhouse style units will not include any utilities as you have your own hot water tank and furnace.  Complexes with elevators, swimming pools, conceirge, etc. will have higher condo fees to cover the additional costs to run and maintain those items.

Cheap condo fees are not always better.  You want to make sure that the condos fees are high enought to cover the expenses and maintain a healthy reserve fund.  It is important to review all the condominium documents and you may want to have them professionally reviewed.

Condominium fees should be based on covering the expenses and building the reserve fund.  They are not in place to make money for someone.