What exactly is a Condo?
“Condominium” is a term used for legal ownership of an individual unit in a condominium corporation. Ownership of a condo includes both the legal title to all the space inside the individual unit as well as an interest in the common areas of the condominium complex. Costs and maintenance of common areas and common elements are shared by all owners in the condominium association.
Condominiums come in the form of high-rises, lofts, townhouses, mid-rises, villas, flats, and converted rental properties.
What are condo fees?
Sometimes called maintenance fees, condo fees are proportionate charges for your share of the upkeep and maintenance of common areas or common elements, and reserve fund contributions of the condominium complex.
Typically, these fees are based on the direct proportion of the unit size in relation to the overall size of all units. Fees vary, according to the property, age, location, and amenities offered to residents.
Should I talk with a bank before looking at condos?
We certainly recommend that you do, it provides you with valuable information on what you can afford to spend and anything you need to do in the background to secure your finance, which of course can avoid any disappointment when wanting to secure your new home.
Why are some condo fees so high?
Higher fees are in direct relation to the property’s location and amenities offered to residents. Services such as a 24-hour concierge desk, elevators, a clubhouse, swimming pools, work-out facilities, and security increase the overall fees. Also, the utilities included will vary from complex to complex.