Those currently living in a freehold home, contemplating moving to a condominium sometimes have misconceptions concerning extra living costs. Their objection is usually associated with the condominium fees. Often times, the potential condo buyers mistakenly add the condo fees to all of their current home expenses, when in fact, many of the home maintenance costs will be included in the condo fees. Let’s compare condo fees with home maintenance expenses:
Condo fees may include some, or all of the following, depending on the building:
- heating costs
- hydro costs
- water costs
- building maintenance (landscaping, repairs etc.)
- cleaning service (for common element areas)
- building insurance
- property management company
- reserve fund contributions (a fund is established to draw from if there are building repair costs down the road)
- equipment- lawnmower/snowblower, watering equipment, landscaping tools, home maintenance tools
- maintenance- driveway repairs, exterior paint and light bulbs, deck painting/staining
- home insurance
- utility costs- heat, hydro, water
- security- add security costs comparable to security provided by condominium
- future reserves- break down the larger costs of potential repairs into a monthly fee: new roof, electrical upgrade, foundation problem, water leakage etc.
- labour- account for your time when performing these maintenance tasks, or having to organize/ hiring various companies
To make a realistic comparison of ‘freehold versus condo’ costs, all the numbers must be taken into consideration in order to arrive at a well-informed decision. Keep in mind, condo fees differ from building to building, therefore, it is advised that you inquire about each building’s fees and what is specifically included.
If you are interested in information on the condo fees of a particular building, please inquire below and information will be sent promptly.