Facts about condo maintenance fees that you should be aware of

Condominiums are one of the residential property types which may ask you not to pay for a lot of the maintenance tasks that go on within the area. For example, in most cases, you don’t have to pay for the maintenance of the swimming pool and other such things. However you cannot simply assume that you may not have to pay for anything at all. The maintenance fee structure and costs may vary from one development to another. 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.

The following are a few facts about condo maintenance fees that you must be aware of:

  • There has been a marked increase in maintenance fees per square foot around condos in the GTA from 2.52 per cent to 3.79 per cent.
  • It is a fact that most condo buyers are confused and have low clarity on the maintenance fee structure as the same is not presented to them by the seller or developer at the time of booking.
  • According to GTA which is an annual report on the same, the maintenance fee generally increases in the first three to five years although it then levels off later on.
  • Fees often tends to decrease in well managed buildings and may even drop down by as much as a whopping 30%.
  • Maintenance fee changes dramatically between buildings for example, according to a report, the lowest rate was 22 cent per square foot as opposed to the highest rate of $1.35 per square foot.
  • Some of the significant factors which can make this variation come about include size of building, number of amenities being provided and others. However it is not always true that maintenance fees will be lower for small buildings and high for high rise towers.
  • Fee level may also change depending upon what is included and what is not in the monthly payments. For example the monthly payments in buildings where utilities were included in the monthly payments was higher whereas was lower in case of those where utilities were not included and so on.

So now that you know the main facts about condos and maintenance fee related to them, you must keep them in mind if you are interested in buying one for yourself. Be aware and always ask questions when booking. One of the best place for Toronto new condos is New Homes Condos. So contact them today to get yours.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *