Maintenance Fees - What are they and what benefits can they provide?
Maintenance Fees: Are just that! In a condo, the fees will apply to the upkeep of all the common and limited common areas. They will also go towards building a contingency reserve fund in hopes of offsetting future expenditures. Be sure to factor in the amount of your monthly maintenance fees when calculating your monthly expenses. Many people look at their mortgage cost and forget to factor in the Monthly Maintenance Fee as well! Maintenance fees can be anywhere from under $200.00 to over $700.00 in luxury condos. Make sure your Realtor goes over these fees and what they cover for the building when looking for a new home. Common inclusions are but not limited to; Gardening, Management, Heat, Hot Water, Gas, Recreation Facility, Etc.
Own a House instead?
Some people think that owning a 'house' is exempt from 'maintenance fees’ Technically that is true, but only because there is no obligation to pay a monthly sum to a strata property manager. Don't be fooled! Even houses require maintenance…
So, strata living, or detached ownership - plan to put money aside every month to maintain your investment!
Have further questions about Maintenance Fee's specific to you?
Please give the O'Brien Group a call at 604-828-1006 for more info! Always happy to chat with you.