What are condo fees?

Condo fees, also known as "maintenance fees" or "association fees," are regular payments that are made by the owners of a condominium to cover the costs of maintaining and managing the common areas of the building or complex. These fees are similar to HOA fees, they can include:

• Maintenance and upkeep of shared amenities, such as swimming pools, fitness centers, and common areas
• Landscaping and maintenance of common areas, such as hallways, elevators, and stairwells
• Insurance for common areas and shared facilities
• Management and administrative costs associated with running the association
• Reserve funds for future repairs and improvements

The amount of the condo fees can vary depending on the building or complex and the amenities that are offered. Some buildings or complexes may have higher fees because they have more amenities or a larger common area to maintain. The fees can also vary depending on the size of the unit, some buildings charge a flat fee for all units, while others charge a fee based on the square footage of the unit.

It's important to review the association's bylaws and covenants before purchasing a condo to understand the responsibilities and obligations of ownership, and the amount of the condo fees. It's also important to budget for these fees when considering the cost of owning a condo.

It's always a good idea to work with a real estate agent, they can help you understand the condo fees and obligations of the building or complex you are considering and also help you make an informed decision.

Schedule a consultation with our local, expert real estate team today