Also called maintenance fees, the monthly fees paid by all condominium owners. The condominium fees go toward the maintenance and repair of common areas in the building, as well as salaries for groundskeepers, repairmen and security guards. The condominium fees are set and managed by the condominium association, and are typically determined based on the size of your unit.
More On Condominium Fees
Part of owning a condominium involves paying condominium fees. These fees go to the condominium association who maintains the condominium complex.
Although you do not have a yard with a condominium, there still is a lot of maintenance to be done. The common grounds have to be mowed and landscaped, the pool maintained, the roofs of the buildings repaired. In order to pay for the upkeep of the condominium complex, the units’ owners pay condominium fees. The condominium association typically sets the amount of the fee.
Prior to moving into a condominium, the amount of the fee is disclosed to you. It is paid monthly. You can find out exactly where the dollars go through an itemized disclosure. In addition to paying for the maintenance of the buildings, the condominium fees also pay any needed salaries such
as for the groundskeeper, any security guards, and repairmen.
The condominium association determines the amount needed for these expenses and bases the monthly condominium fee on that amount. The fee is paid to the association. In some cases, the size of the unit can determine the amount of the condominium fee. The higher maintenance costs of a larger unit may warrant a higher fee for that unit.
Part of the benefit of owning a condominium is not having to mow a lawn and having access to a swimming pool. The condominium fees pay for these things so that you can have and enjoy them while avoiding doing any upkeep yourself.