When I discuss condominiums as a housing option, potential buyers frequently say, “I don’t want to pay condo fees!” My response is, “Are you planning on maintaining your house?”

Each style of home requires maintenance. Ideally, every home owner would put a sum of money away each month, to be used when larger repairs and updates are needed. Most of us don’t do that, however. Things like, roofs, masonry, windows, and boilers are expensive, and we tend to fund them with credit.

In a condominium, part of your monthly fee goes into the Reserve Fund. Its balance builds up over time, so when larger repairs are needed, you’re financially prepared. Consider it saving for a rainy day!