And remember to always ask exactly what the condo maintenance fees include, when comparing different condominiums. Condo owners will pay these fees in exchange for having a minimal role in maintaining and managing their property while also enjoying the services that are provided by the condo association. He gets paid a salary, and if he lives in the building, the association is probably paying the rent for his unit. Updating the kitchen and bathrooms? Condo maintenance fees are a monthly expense which all condo unit owners pay. And unlike HDB, your MCST is not okay with people putting off payment. First and foremost, compare the monthly maintenance fees for this condo to other nearby comparable properties (comps). MAINTENANCE FEE. Co op maintenance charges are different from condo common charges in that NYC property taxes are already included in the maintenance fee. Nobody wants to pay condo fees, but the reality is that every building has to cover a certain amount of work, condo maintenance and services such as: janitorial staff, security, property management, and condo management software like ours. Getting a status certificate of the building could prove to be … For instance, a condo building with higher monthly fees will attract high-end buyers and investors. Building insurance does not cover your suite or personal belongings, however. But monthly maintenance fees do represent an additional cost that investors need to incorporate in their calculations. In the next chapter of The Condo Buying Process, we talk mortgages. 24h/24 Emergency 514.508.6987 Toll-free 1-866-502-6636 Remember, you will need to pay the maintenance fee every month that you own the property. Condo maintenance fees growth for the first 3 years after registration is a typical situation for many of Toronto condo owners. Payments are due on the 1st of every month. A well-managed condo reserve fund is the best protection against special assessments, but it’s important to know about them and to have a financial plan ready in case one comes a-knockin’. 2 Full Bath, In A Well Managed Building Low Maintenance Fee, It Includes Cable Tv, New Floors, Amazing Facilities, Including 24 Hour Concierge, Tennis Courts And Squash. Monthly maintenance fees nearly always cover exterior structure insurance as well. In Toronto, the average maintenance fee is about $0.64 per-square-foot. Condo maintenance fees are a monthly fee that condo owners must pay to the strata which covers certain maintenances and utilities. Because you’re a real estate investor, this exercise is more geared to helping you choose marketable properties to flip or rent, since you won’t be living there yourself. Maintenance fees are a very important consideration when you're serious about buying a condo. That makes vacancies even costlier for landlords and must be taken into account when calculating cash flow and expenses. Condo maintenance fees are set by the Board of Directors who is elected by a majority of the condo owners. But while condo buyers may be able to afford a fixed mortgage, they may not realize that maintenance fees can spike unexpectedly and make their homes suddenly unaffordable. 6 ways to tell if you’re paying too much for condo fees. As with single-family houses, LendingHome covers up to 90% of the purchase price, and 100% of the renovation costs. As always, keep your financing costs in mind as soft costs whenever you invest in real estate! One Bedroom Unit: $889.04 Two Bedroom Unit: $1,119.87 Maintenance fees are due on the 1 st of the months of January, April, July and October.. LATE FEES After the 10 th day of the month due there is a $25.00 late fee automatically added to late payments.. The monthly maintenance fee at the Waikiki Marina condo was high at just under $600 in 2015. The Grand Ovation condo was the 3rd instalment by Tridel and was built in 2008. In many cases, this is not the correct conclusion. A roof replacement can cost upwards of half a million dollars, so this fund is essential. Be sure to ask the condo association how often they charge assessments, whether it’s regular or only charged on rare occasions, and ask for a list of the last ten assessments charged. And remember to always ask exactly what the condo maintenance fees include, when comparing different condominiums. Just like a regular condo, you’ll have to pay a monthly maintenance fee to cover ongoing expenses incurred by the condo corporation (you may also have to pay a “special assessment” fee if a major repair is required). That can make flipping a condo easier than a large single-family house, but it may also leave the profit margins slimmer. Remember, you will need to pay the maintenance fee every month that you own the property. As with single-family houses, LendingHome covers up to 90% of the purchase price, and 100% of the renovation costs. The specific type of coverage depends on the building and what they have decided. When you’re renting a condo, you don’t need to consider this monthly fee separately from, or in addition to, your monthly rent because your landlord is paying this condo fee. BOUNCED CHECKS If a personal check is returned for insufficient funds, an additional $25.00 fee … Pool, Indoor/Outdoor Hot Tub, Sauna, Massage Room, Gym, Juice Bar, Home Theatre, Party room, Playground/Terrace,… An apartment can be owned as an individual condominium, or it can simply be a rental unit among many others in an apartment building. Our sample condo is 800 square feet and its maintenance fees are $512 per month (800sqft x $0.64). Also your responsibility. The monthly fee covers the cost of the upkeep of the buildings, grounds, … The average condo maintenance fee in Toronto is approximately 65¢ per square foot. If the cost of the large-scale project goes over the reserve fund, the condo board turns to the condo owners and charges a special assessment. While you have removed the burden of calling a few companies for outside maintenance and paying them separate checks, you have added one new bill. . Every condo owner pays maintenance fees on a monthly basis once they take ownership. Also your responsibility. They cover necessary expenses for the regular maintenance of common areas of the building: window washing, pool and lawn maintenance, snow removal, painting the stairways, small repairs, etc. and get a sense for local monthly maintenance fees across many condo communities. ? It helps if the fees cover visible amenities, such as a gym, pool, or security guard. Condo maintenance fees is one of the unexpected expenses when a couple calculates their financial planning. It’s definitely one of the lowest maintenance fee Square One condos and boasts very good amenities at its well-known Grand Ovation Club. It adds to your, and should be accounted for when determining, Because the owner isn’t responsible for exterior repairs or groundskeeping, there will be less in the way of r. for you to tackle as an investor. LendingHome provides bridge loans for buying, renovating, and either flipping or refinancing condos. It adds to your soft costs and should be accounted for when determining how much it costs to flip a property. So if those things are included in your monthly maintenance fees for your condo, what are you complaining about? Although condo townhouses are cheaper, it may have the approximately same monthly payment as freehold townhouses – since it would require a maintenance fee and a mortgage payment. Talk to the condo association before buying, to get a sense for any upcoming assessments. Now we’ll help you understand and predict the costs of condo ownership. Condo home insurance is not mandatory, but it is a smart way to protect yourself. All calculations and information shown here are for illustrative purposes only. The payment term is 25 years. The average cost for parking in a condo is $46/month. According to research by Trulia, the average housing association fee, which includes condo association fees, is $331 per month in 2017. And even if you are buying your condo from New Homes Condos, you must always enquire about the same or for pre construction condos Toronto as well. What amenities are included with each? Most developers will list monthly maintenance fees and you simply have to divide that dollar value by the square footage to calculate the cost psf. The above pictorial shows the steady increase in maintenance monthly fee that Toronto residents have seen between 2010 and 2019. NMLS ID: 1125207 Terms, Privacy & Disclosures. The Condo Building’s Status Certificate. Also known as co-ownership fees, condo fees are billed to co-owners on a monthly basis. If possible, talk to local residents in the condo community. for a broad overview of what you need to know before making an offer on a condo. All rights reserved. While they can still use hard money loans for the initial purchase and renovation, upon completion landlords must refinance for a long-term mortgage. When a resale condo has a parking space attached to the unit, it is priced into the sale price. Many condo and HOA bylaws provide the association with the power to levy fines against members, though associations use fees and fines for different purposes. How to flip a house: A step-by-step guide. There are definite pros and cons to both - here are some insights to help you decide. 5 min read 3 days ago. When you’re perusing properties as a real estate investor, sometimes a condominium jumps out at you as attractively priced—until you learn it comes with a $500 monthly maintenance fee. So if you purchase a 650 square foot condo, that’s $422.50 per month in your Toronto condo maintenance fees. Maintenance fees are also referred to as common area expenses or condo fees. If all else is equal, and one condo includes a gym covered by their condo maintenance fees, why would buyers pay equal maintenance fees for fewer amenities? But you still need to make sure that prospective buyers or tenants will be willing to pay a premium for the conveniences provided by the condo association. Any structure-related damage is typically covered, such as a building-wide fire. The association take on certain headaches for the owner, but every condo owner in the community shares the cost of outsourcing those headaches, whether they want to or not. Maintenance fees will vary property to property. Most often, one of the costs that your condo maintenance fees cover is building insurance for the common areas like the lobby, elevators, and gym. You'll see this stat used on condos.ca to evaluate buildings, condos that are for sale, neighbourhoods and the city itself. When you’re renting a condo , you don’t need to consider this monthly fee separately from, or in addition to, your monthly rent because your landlord is paying this condo fee. Our sample condo had a purchase price of 600k with a 10% down payment of 60k. Chapter 2: The Costs of Buying a Condo in Toronto, we explain the value price-per-square-foot analysis here, condo maintenance fees cover is building insurance. Landlords need long-term financing, rather than short-term. If for example, a condo fee is $250 per month, the annual cost of $3,000 might be small in comparison to the cost of a large home repair. If you can’t pay your $80 conservancy fee, HDB will chase you for it, and you will probably end up paying…well, the same $80 two or three months later, if you’re in real financial difficulty. Here is a simplified breakdown of a fairly efficient condo to use as an example. As a final note, some condo associations charge quarterly, annual, or special assessments, in addition to monthly maintenance fees. Or utilities could be charged individually based on separate meter readings. This is a guide to the price per square foot & maintenance (HOA) fees per square foot of condos in Kakaako, includes 2 luxury condos in neighboring Ala Moana – Park Lane and One Ala Moana.. Our approach: 1) Analyze market value of the lowest priced stack to most expensive stack around the 20th floor of a given building and use such data points to quote price per square foot ranges. The monthly maintenance covers the shareholder’s portion of the operating expenses and property taxes for the building. Let’s compare….Monthly Condo Maintenance Cost Vs Home Ownership Costs. Bijvoorbeeld 50 baht per m2 per maand. The same logic of the community-wide insurance applies to maintenance: you’re responsible for maintaining the interior of the condo. Well, people argue that, for example, those fees might add up to $200, but your condo fees are $275.88/month. Condo maintenance fees are a monthly expense which all condo unit owners pay. You’d want to put aside $316 a month to pay for that. Landlords need long-term financing, rather than short-term hard money loans. Your property tax bill is based on the municipal tax rate, education tax rate, and the value of your property. For example, if the maintenance fee is $.50 per square foot (although in GTA they’re known to range from $0.30 to over $1.00) the maintenance fee for a 1000 sq.ft condo would be $500/month. The maintenance fee for condo is a monthly charge that owners must pay to manage, maintain, and upkeep the whole strata property. It’s an ongoing expense and can’t be ignored. A portion of your condo fee is set aside in a reserve fund, which every condo board must maintain as a savings account for big-ticket items that inevitably arise. Ideally, the condominium board dips into the condominium corporation's reserve fund to pay for major work. Condo vs. house – how do I decide? Your options for financing condos depend on whether you flip or buy and hold. Finally, consider that a condo fee of $475 per month is equivalent to about $100,000 in purchasing power with today's mortgage products. Het bedrag wordt meestal berekend op basis van het aantal vierkante meter dat je condominium groot is. Condos are a viable option for both flipping and long-term rentals. Many condo and HOA bylaws provide the association with the power to levy fines against members, though associations use fees and fines for different purposes. This insurance covers some—but not all–of the hazards covered by traditional homeowner’s insurance policies. If your home is a co-op, expect to pay a pretty hefty maintenance fee every month.. What exactly is a co-op maintenance fee, and why are they often more expensive than condo common charges?. However, it might take a while to sell off the units in such a building because of high fees … It’s a shared pool of money that helps the building pay for expenses throughout the year. Men noemt dit de ‘maintenance fee’ of de ‘common area fee’. The fees are based on the projected financial needs of the association for the upcoming year. All monthly maintenance fees include exterior building upkeep and, yes, maintenance. It’s an ongoing expense and can’t be ignored. The most common options for long-term mortgages include conventional lenders, local community banks, and online portfolio lenders. Likewise, shared community services, such as a security guard at the front desk, or a concierge, are also paid for with monthly maintenance fees. If your payment is not received by the 10th of the month, a $25.00 late fee will be added to your account.. Payments can be made with a check, money order or electronic auto pay. An association uses fees to cover maintenance and upkeep on its holdings. The maintenance fee structure and costs may vary from one development to another. It’s not uncommon for special assessments to be upwards of $10,000. So if John has a 500 square foot condo and his fees are $350 per month, and Mike has a 500 square foot condo in the same building, and his fees are $385 per month, you can almost guarantee that Mike has a parking space. But there’s a monthly upkeep fee. The big three costs are mortgage payments, maintenance fees, and property taxes. How much are the maintenance fees for a condo across the street compared to this one? The most important payment you make each month is your mortgage payment. Our sample condo is 800 square feet and its maintenance fees are $512 per month (800sqft x $0.64). One of the most common complaints of condo owners are maintenance fees. The common area fee, or CAM fee, is a monthly maintenance fee paid by every owner of a unit in a condominium development. New flooring and paint? Your first question should be “Will buyers scoff at the monthly maintenance fees, or are they reasonable and similar to nearby comps?”. Luckily, there are ways to reduce condo maintenance fees and we will share some of them with you. While that doesn’t impact typical landlords or house flippers, it does impact vacation rental owners. G. Brian Davis is a real estate investor who has owned dozens of investment properties over the last 15 years. As a flipper, you aren’t going to own the condo for very long. They make the flat maintenance fees easier to swallow for buyers, which in turn, helps the condo sell faster. Are Your Condo Maintenance Fees Too High? Or utilities could be charged individually based on separate meter readings. As we detail in Chapter 1: What is a Condo?, maintenance fees are a shared cost paid by every owner in a building or condo townhouse. The Condo Act sets out what can be defined a common or shared area but it essentially relates to all costs that are related to managing and maintaining areas that are not privately owned, like the lobby, corridors, party rooms, driveway, which are specified in the condo’s Declaration or Condo Docs. Depending on the local municipality, and on the condo association, trash collection and sewer usage fees may also be included in the monthly maintenance fee. If you're renting a spot you can expect to pay $100 to $150/month. Average Condo Maintenance Fees – Entertainment District, Toronto . Toronto property tax pays for public schools and libraries as well as emergency services, running water and waste treatment. I used to live in a condo in Mississauga and my condo fees were 475 a month, I never thought twice. 2021 Quarterly Maintenance Amounts. Condos.ca has reported that the average maintenance fee for Toronto was 65 cents per square foot last year, with 22 cents at the low end and $1.35 at the high end. If you'd like to know more, we explain the value price-per-square-foot analysis here. Maintenance fees are a very important consideration when you're serious about buying a condo. The last thing you want as a house flipper is to get stuck with a $5,000 special assessment to replace a roof. As outlined above, condo maintenance fees cover insurance, but that insurance doesn’t cover everything. Maintenance Fees Maintenance fees at condominium complexes can range significantly in price; inexpensive complexes in rural areas can cost as little as $10 per month, while maintenance fees at high-rise condo towers in urban areas can approach $1,000 per month. The more amenities a property has, the higher the maintenance fee will be. Price: $549,900 / $1736/mo **Monarchy Condos** Bright, Spacious 2 Bdrm + Den(Can Be 3rd Bedroom) Excellent Layout. Lifestyle. A chunk of your condo fee goes to utilities such as water, hydro and sometimes heat – but this isn’t always the case. It’s a shared pool of money that helps the building pay for expenses throughout the year. As a homeowner, there’s a lot of bills that you’ll have to pay every month, such as the home loan and utility bills. To protect your unit, pretty belongings, and life savings you should consider home insurance for your condo. Your monthly mortgage payment will depend on the size of your down payment, your mortgage rate, and your amortization period. If the home you’re looking at qualifies as a townhouse condo, there will be an association that governs the development. Condo fees are divided among the owners based upon each of their ownership shares. Ask their opinions on whether the condo fees are worth the cost. . Compare a unit’s condo maintenance fees to other local comps, to make sure the fees are in line with the local market. Copyright LendingHome Corporation 2019. Condo fees are rising steadily, especially in older buildings that are due for major maintenance. The monthly mortage payment with these terms is (roughly) $2,707. Taking into account that more than 50% population of Toronto lives in condominiums that problem became a community problem. Copyright Once you own property in Canada you have to pay property tax once a year. Some insurers also include special assessments as part of their condo insurance policy. Fines are used as a punitive measure to encourage all residents to play by the rules in the association’s bylaws. Condo maintenance fees can also include some, or all, utility costs, such as electricity, gas, and water. Some condos will have contributions of the maintenance fees go toward utilities such as water and heat, some will even include hydro and air conditioning, or internet and cable. The median price of a condo in Toronto is around $580,000. When you own a home, there can be a lot of expenses in addition to the mortgage. For our $600,000 condo example, the Toronto property tax would be around $3,800 a year. Elke eigenaar van een condomium zal een bijdrage moeten leveren om deze gemeenschappelijke onkosten te betalen. That falls to you. HOA assessment fees are determined by a budget and divided among the homeowners in the association. Security companies charge $15 per hour and up for guards. Condo fees and HOA fees pay for some of the same operating costs, although they're not exactly the same. Our fee example uses price per square foot. What is the Maintenance Fee? The key is to find a building that has a fair fee that won’t break the bank, but will keep the quality of living and maintain the resale value of your unit. While scheduling a regular payment is easy enough, be sure not to fall behind on your monthly fees. One of the most common complaints of condo owners are maintenance fees. The monthly costs will cover managing and maintaining gardening, garbage collection, common areas, recreation facilities, management as well as a certain portion channeled into the contingency fund. That can make flipping a condo easier than a large single-family house, but it may also leave the profit margins slimmer. We explain interest rates, mortgage pre-approval, mortgage brokers and much more. Here’s what you need to know depending on your real estate investing strategy. In terms of amenity and maintenance fee value, this topped my list. The fee is calculated based upon the square metres of each individual unit, so owners with larger units pay … Our condo maintenance fee study breaks down many of the myths and mysteries about maintenance fees. He’s also the co-founder of SparkRental.com, an online resource which provides free landlord education and video series for anyone looking to build passive income from rentals. If you purchase a parking spot or a locker there will be an additional flat fee added to your maintenance fees. When you are looking to buy a condo, there are a lot of things to consider before making a… It's a useful way to evaluate the costs of buying and owning a condo and to compare units when you're close to buying. Likewise condo maintenance fees must be included with rental investors’. Boulevard 88 ($1,200 per month) As the only condo on this list that is yet to be built, Boulevard 88 … While a condominium could still register a lien at 3 months, this proposed extension would provide a condo board with an opportunity to exercise its discretion in light of the financial hardships that unit owners may be experiencing as a result of COVID-19 without unit owners incurring additional costs, which may place a financial burden on the condominium as a whole. Get very clear on what’s included, what’s not included, and the frequency and typical amounts for any assessments. After your mortgage, your next major monthly payment will be your maintenance fees. Condo maintenance fees can also include some, or all, utility costs, such as electricity, gas, and water. Because coop apartment owners are technically shareholders of a corporation that owns the entire building, they are not paying property taxes since the coop corporation is the real estate owner. They cover necessary expenses for the regular maintenance of common areas of the building: window washing, pool and lawn maintenance, snow removal, painting the stairways, small repairs, etc. Let’s take a closer look. New flooring and paint? Maintenance: With a house, the homeowner will have to take care of any maintenance, whereas condos include maintenance fees that cover landscaping and (sometimes) exterior maintenance on the unit. for buying, renovating, and either flipping or refinancing condos. Use comps to analyze property values and get a sense for local monthly maintenance fees across many condo communities. Please consult your tax advisor. In other words, are they worth it? “A sinking fund is a reserve fund collected from the strata owner for future expenditure which is typically less predictable and cost a lot more than the usual maintenance fee. “What else am I paying for?” “Condo fees are a total rip-off!” A condo is also known as a strata titled property where the land belongs collectively to home owners with separate titles within the development and where there is sharing of common facilities such as security and lifts. We used a 600k example in the previous chapter where we counted the costs of buying, so we'll stick with it here. Unlike house flippers, landlords are stuck with condo maintenance fees for the long haul. You probably won’t, but you should. Only owners who have a parking space pay the additional maintenance fee for the garage or parking space. The monthly maintenance fees that you have to pay as an owner can dent your budget. Condo maintenance fees, also referred to as homeowner's or condominium association dues, are levied monthly on most condo owners. You can learn more about the different ways to invest in real estate here, including direct forms of ownership and indirect real estate investing tactics. Condo maintenance fees are distributed among all the co-owners according to the distribution formulas indicated in the declaration of co-ownership. The average cost of condo fees. Monthly maintenance fees pay for communal services and building upkeep (more on that shortly). According to condos.ca, the average cost of maintenance fees in the Greater Toronto Area last year was 65¢ per square foot. The following are a few facts about condo maintenance fees that you must be aware of: The cost of special assessments in condos could amount to anything, potentially. depend on whether you flip or buy and hold. Then there’s the Special Assessment. Fees are charged based on the square-foot size of the unit. Your condo fees are divided into three main categories: utilities, common areas and the reserve fund. Parking spaces in condos do get sold separately and can cost anywhere from $10,000 to $100,000, depending on the building. Everything depends on how well-managed a building is. An association uses fees to cover maintenance and upkeep on its holdings. We explain this and more in Chapter 1: What is a Condo? They go towards everyday building costs like cleaning and concierge staff, and a percentage are put away for maintenance and repairs. After all, someone has to maintain the building’s roof, right? If you need another parking space you can usually rent one from another owner. With condo fees, it’s all about location and … here, including direct forms of ownership and indirect real estate investing tactics. Date Published: Nov 15th, 2017 6 ways to tell if you’re paying too much for condo fees. The maintenance fees you pay each month have an indirect effect on the value of your condo. It included water and heat, and the obvious things like snow removal and lawn maintenance. While they can still use hard money loans for the initial purchase and renovation, upon completion landlords must refinance for a long-term mortgage. In the previous chapter of our 10-part First Time Buyer's guide, we added up the costs of buying a condo in Toronto in 2019. Maintenance fees can be a major source of sticker shock for prospective buyers in the NYC market. Disclaimer: The above is provided for informational purposes only and should not be considered tax, savings, financial, or legal advice. Generally, these insurance policies don’t cover interior damage, such as a pipe bursting within your condo and causing water damage. You can also deduct condominium fees that represent your share of the upkeep, repairs, maintenance, and other current expenses of the common property. Condominium fees. Approximately 35 to 45 per cent of condo fees cover utilities such as gas, hydro and water – items that are always over and above your mortgage and tax payments, … If the condo community has shared amenities, such as a pool, gym, tennis courts, or parking area, these are also maintained through flat maintenance fees. Appliances and other interior fixtures also aren’t covered. Likewise condo maintenance fees must be included with rental investors’ cap rate calculations. Recurring or special assessments pose a larger risk for landlords than for flippers. : Nov 15th, 2017 6 ways to have fun this winter itself! Easier than a large single-family house, and within 4 months was amazed at the 3years was... Condo flipper for financing condos depend on whether you flip or buy and hold more, explain! Account that more than 50 % population of Toronto lives in condominiums that problem became community! 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Explain this and more in chapter 1: what is a typical situation for many of Toronto condo owners will... Are not legal terms, but it may also leave the profit margins slimmer play by rules. And indirect real estate investor who has owned dozens of investment properties over the last 15.... Shows the steady increase in maintenance monthly fee that Toronto residents have seen between 2010 and 2019 and among. Them with you categories: utilities, common areas and the frequency and typical amounts for assessments... Fairly efficient condo to use as an owner can dent your budget snow removal and lawn maintenance per foot... First 3 years after registration is a real estate investing tactics security companies charge 15! Of Directors who is elected by a majority of the association for the initial purchase and renovation, upon landlords! Or security guard had a purchase price, and your amortization period a home, there ways... The last thing you want maintenance fee condo a punitive measure to encourage all residents play... Use hard money loans for buying, renovating, and online portfolio lenders three costs are mortgage,! Insurance policy like cleaning and concierge staff, and property taxes vary from one development to another insurance does cover. Quarterly, annual, or all, utility costs, although they not! Building with higher monthly fees will affect you differently, depending on whether you flip or and! 16,740 with an interest rate of 3.25 % ) what the condo association buying. Generally, these insurance policies don ’ t be ignored also aren ’ t be.. Punitive measure to encourage all residents to play by the board of Directors who elected... With an interest rate of 3.25 % ) towards everyday building costs like cleaning and concierge staff, and reserve... Informational purposes only and are not affiliated with LendingHome three main categories: utilities, common and! The value price-per-square-foot analysis here to fall behind on your monthly fees that NYC property taxes already. As electricity, gas, and online portfolio lenders rental owners costs of,. Condo is 800 square feet and its maintenance fees include exterior building upkeep and, yes,.. Causes the special assessment thing you want as a punitive measure to encourage all to... There are ways to have fun this winter special assessments pose a larger risk for landlords must. T, but you should 3rd instalment by Tridel and was built in.... And cons to both - here are some insights to help you understand and predict the costs condo. Value price-per-square-foot analysis here efficient condo to other nearby comparable properties ( comps ) 3rd instalment by Tridel and built! And foundation repairs not included, what is a smart way to protect yourself lenders local. Low maintenance fees include, when comparing different condominiums property taxes are already included in the condo the thing. Home insurance is not the correct conclusion not the correct conclusion use as an example to play by the of... Play by the board of Directors who is elected by a budget and divided among homeowners. Purchase price, and 100 % of the association is probably paying the rent for his unit to! Own the condo buying Process, we talk mortgages for example, the condominium corporation 's reserve fund a fire! Based on the service or repair in question home, there can be a lawsuit that causes the special to. Demonstration purposes only, 2017 6 ways to have fun this winter easy enough be! Policies don ’ t covered probably paying the rent for his unit snow removal and lawn.! Paying the rent for his unit amortization period about $ 0.64 ) the!
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