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What Are Condo Fees?

What are condo fees, how are they calculated, and what do they cover? Condos have become the home of choice for many Canadian homebuyers, particularly first-timers, but increasingly move-up buyers as well. But many don’t understand this lifestyle option before deciding that it’s right for them.

Homeowners are drawn to condo living for a variety of reasons. It is a good option as residents age and can no longer care for a house or want to downsize. There is less maintenance and repair responsibility and more security features. But the big draw is often on-site amenities such as a swimming pool that you would not otherwise be able to afford.

Affordability is a big factor behind the relatively recent shift to condo living, but it’s certainly not the only appeal. Other benefits include a sense of community (yes, vertical communities are a thing!), easy access to urban conveniences, public transit, employment and entertainment, as well as a lock-and-leave lifestyle for when life takes you further abroad.

Condo fees are the way that all the amenities are paid for, and the cost is a separate payment from your mortgage. Luckily, they tend to be fairly predictable. Let’s take a closer look at condo fees.

What are condo fees, how are they calculated, and what do they cover?

Complete Article:  https://blog.remax.ca/condo-fees-heres-need-know/​

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