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The Comfort of Condo Fees

 
The Comfort of Condo Fees

Posted: February 03 2021

The Comfort of Condo Fees

Everything you need to know about condo fees, why they’re important and what makes a condo living simple, easy & worry-free.


What are condo fees?

As a condo owner, you will pay a yearly condo contribution often referred to as a condo fee. For ease of payment, the annual fee is paid in monthly installments. The condo board needs to pay for items such as building insurance premiums, snow removal, grass cutting, repairs to common property, property management and maintenance of the reserve fund.


Saving for the Future

A portion of your monthly condo fee goes into a reserve fund that covers future repairs such as replacing windows or roofing. Regular maintenance will help the community stay healthy and vibrant, while keeping property values steady for the future.


Increased Property Value

No unkept yards & no messy neighbours! Yes! Condo fees increase your property value. Have you ever driven past a messy yard and thought, thank gosh they aren’t my neighbours? If you're all about a well-kept yard & green grass–condo fees are for you.


Maintenance Free

A huge advantage of owning a condo is that you are not responsible for maintaining the grounds or exterior of the building. Tasks such as lawn mowing, snow shovelling, roof repairs and more are contracted out. Snow removal, lawn maintenance and general property maintenance are taken care of for you. No need to own a shovel or lawn mower!


Peace of Mind

There is a sense of community and protection that comes with living in a townhome. Your neighbours aren’t far away, giving you peace of mind.


Pets?

Yes, furry friends are allowed! As long as they meet the guidelines set out by the condo board. These restictions may include pet height, weight etc. Other pets are allowed as per the condo bylaws, provided there is no smell, damage or excessive noise associated with them. Some exceptions may be made by request at the time of purchase.


Insurance is Covered!

Exterior building insurance is covered in your condo fees. The homeowner only needs to purchase contents and liability insurance which is normally quite affordable.


No D.I.Y. Projects

A professional property management company ensures that upkeep is a top priority—allowing owners to be proud of their home. The property management company watches over the townhomes to ensure bylaws are being followed, such as noise levels, parking, pets, etc. They will ensure the project is well maintained, funds are spent wisely, and issues are resolved in a timely manner.


You Have a Say!

A condo corporation will be set up to oversee the management of your community. As an owner, you have voting rights and can be elected to the board of directors to play a part in the townhome management.


Affordability

Condo fees in a townhome are normally much lower than in an apartment style condo. Townhomes have less common areas to maintain, such as elevators, parkades, and lobbies—generally keeping the fees lower for years.