What is one of the number one questions people have when looking to purchase a condo?
“What are the condo fees, and what do they cover?”
Condo fees are important and they cover a lot. Most people go for the condo lifestyle because it saves them time by not having to worry about maintenance such as snow removal, landscaping and exterior home care.
We though we’d share some intel on what this monthly fee will cover for you:
- Exterior window washing (typically done twice a year)
- Parkade maintenance (line painting, mechanical, new paving, etc.)
- Common areas in the building (cleaning, electrical and building aesthetics)
- Landscaping (removing weeds, mowing grass, planting flowers, sprinkler systems, snow removal, etc.)
- Most include utilities such as heat and water
- Insurance covers everything except for your homes contents. that means you’re protected if the building burns down, a pipe bursts or anything else goes wrong
- Exterior replacement fees like the roof, windows, siding, etc. (things that you don’t have to worry about in a new building for but will inevitably need replacing)
- Management, who is hired to upkeep all the building needs (make sure owners pay their condo fees, follow bylaws, maintain the aesthetic of the building, protect common areas, etc.
So there you have it. Just a few examples of what is covered in your monthly condo fees.
So what bills do you actually pay?
Electricity. Depending on the size of your unit this typically costs between $30-$50 per month.
Cable and Internet. This cost depends on your needs and wants, however, usually your first year in a new condo is free through a partnered provider like Telus or Shaw.
Property tax. Any community fees, which are area specific.
Content insurance. This cost varies depending on how much coverage you want. Think of it as renters insurance. It is a lot cheaper than a home because you are only insuring the interior of your unit.
So there you have it. A little overview of what condo fees cover and what you are required to pay.
For some more reading here is a link to an article by Best Calgary Homes.
Amanda @ Canoe