What does a Condo Fee Pay For?

Condo fees pay for common element maintenance and repair (parking lot paving, gym upkeep, roof replacement, etc.). The fee also covers the yearly operating costs of the condominium, for things like landscaping, water, heat and lighting in hallways, and accounting fees. The fee also covers structural insurance for the common elements, but not insurance for damage within an individual condo unit. Some condo fees cover heat for all units. A condo fee also covers each owner’s contribution to the Reserve and Contingency funds, which are used to pay for large and/or unexpected maintenance and repairs.

What a condo fee covers varies from corporation to corporation. Your agent will ensure that you know what you’re paying for each month.

Do I need a Real Estate Agent to Buy a Condominium?

I will give an unpredictable answer: no.

I will follow that with: why not?

Condominium buyers need excellent advice before they make a purchase. An experienced condo agent will be knowledgeable about price, and will also be able to share condo intel on each individual building.

Every purchaser of a condominium has the right to review certain documents prior to firming up their purchase. The Declaration, Bylaws, Reserve Fund Study, meeting minutes, and financial statements need to be carefully scrutinized before you commit to your purchase. Your agent will ensure you receive every document you requested in your offer. They should carefully review the documents, and point out to you any areas of concern.

Remember: a condominium listing agent represents the seller of the condominium, and acts in their best interests. It is in a buyer’s best interests to be fully represented by their own agent. And the best thing? Most of the time the seller pays the buyer’s agent’s fee.

Condo fees pay for common element maintenance and repair (parking lot paving, gym upkeep, roof replacement, etc.). The fee also covers the yearly operating costs of the condominium, for things like landscaping, water, heat and lighting in hallways, and accounting fees. The fee also covers structural insurance for the common elements, but not insurance for damage within an individual condo unit. Some condo fees cover heat for all units. A condo fee also covers each owner’s contribution to the Reserve and Contingency funds, which are used to pay for large and/or unexpected maintenance and repairs.

What a condo fee covers varies from corporation to corporation. Your agent will ensure that you know what you’re paying for each month.

I will give an unpredictable answer: no.

I will follow that with: why not?

Condominium buyers need excellent advice before they make a purchase. An experienced condo agent will be knowledgeable about price, and will also be able to share condo intel on each individual building.

Every purchaser of a condominium has the right to review certain documents prior to firming up their purchase. The Declaration, Bylaws, Reserve Fund Study, meeting minutes, and financial statements need to be carefully scrutinized before you commit to your purchase. Your agent will ensure you receive every document you requested in your offer. They should carefully review the documents, and point out to you any areas of concern.

Remember: a condominium listing agent represents the seller of the condominium, and acts in their best interests. It is in a buyer’s best interests to be fully represented by their own agent. And the best thing? Most of the time the seller pays the buyer’s agent’s fee.