Have you been thinking about purchasing a condo, but the thought of paying a monthly fee to live in the building has put you off to the idea? Don't be scared off of condo living because this additional monthly cost. Here are some of the benefits that come with paying a condo fee.
One reason you may want to live in a condo is because you don't want to deal with having a yard. The grass needs to be cut, weeds need to be pulled, and flowers need to be planted. Your condo fees will help cover the maintenance of the lawn for all of the outdoor space around your property. You do not have to deal with it yourself, but your condo fees go toward paying someone else to do it for you.
Home maintenance is a large and unexpected cost of homeownership. You may suddenly discover that you need to have a new roof put on your home, or that your HVAC system has kicked the bucket and needs replacement. One reason to live in a condo is so that these problems are taken care of for you.
Condo fees are allocated to pay for building maintenance over the years, with the goal to have excess funds to pay for large repairs when they are needed. This way the cash is on hand to pay for the entire repair with everybody in the building chipping in.
Condos that don't have monthly fees will often create a special assessment, meaning that every owner is required to come up with the cash to pay for their portion of the repair bill. It can be a challenge for some owners to come up with the large amount of cash so quickly. In addition, you may be hit with a special assessment fee soon after moving in.
Many condo buildings have shared utilities that are included with your condo fee. For instance, buildings that use radiator heat often have the water included, or there is a building-wide agreement to get cable television.
While nothing is free in life, you need to understand how your monthly condo fees help pay for these utilities. They are all things you would have a separate bill for if you had a single family home instead.
Interested in a owning a condo in a building with condo fees? Your agent can help let you know what those fees are used for.Share