Hey {first_name},

A little note about condominium maintenance fees – what they are, and why you pay them.

What is a Condo Maintenance Fee?

Other than your own actual unit, you also own a percentage of the “common elements” -

the hallways, the lobby, the pool, etc. Condo maintenance fees go towards paying for these

common elements. This generally includes:

Maintenance and repair – landscaping, upkeep of fitness equipment, etc.
Operating costs including heat, hydro, water, and garbage removal.
Contingency reserve fund – the rainy day fund to deal with unexpected costs.
Staff – property management fees, concierge, security, etc.
Condo insurance – because you wholly own only your respective unit, your insurance covers fire or damage only to your own property. Part of the condo fee goes towards paying the bigger insurance that insures the overall building.

How much are Condo Maintenance Fees?

Condo maintenance fees are paid by all condo owners and are usually representative of the

percentage that you own – the bigger your condo, the higher your maintenance fees. I’ve

seen everything from $0.25/sqft to over $1/sqft.

Generally, higher condo fees are associated with:

Older buildings - as buildings age, the lobby is updated, the roof is replaced, and elevators break down.
Smaller buildings - this comes down to basic math; if the concierge’s salary is divided by 50 people instead of 500, everybody’s share of the cost goes up.
More staff and facilities - concierges don’t come cheap, and neither does maintaining a pool.

Hope this helps!

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PS - Whether you’re new to the Real Estate market or it’s been a while since you last

bought your home, a LOT has changed. Look out for my next email to find out how.

HINT: You can purchase a home without ever leaving your doorstep. Isn’t that crazy???

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