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.