One of the great things about living in a condominium is the low maintenance lifestyle it offers. You don’t have to cut the lawn, break your back shoveling snow, or worry about unexpected repairs on your roof for example. Instead you pay condo fees so someone else has to worry about it.
And a large part of making sure your home is affordable is making sure the carrying costs stay affordable.
Condo fees can be very reasonable and provide you with essential services like security, heating/cooling of common areas, landscaping, Property Management etc. But before you buy, find out how much your condo fees will be, and what’s included. At some condos, you can pay up to twice as much each month depending on the amenities included.
There are developers in Toronto that have made it a priority to keep condo fees as low as possible for their homeowners. They only provide necessary services, and include amenities like a party room with kitchen, yoga room, library, and other features that cost little each month to maintain.
However, other developers focus on offering numerous amenities so people are more likely to buy. It may sound exciting that a condo has a pool, 24-hour concierge, and a fully loaded fitness club, but these features add significant costs to your condo fees, not to mention the price you pay for your home. For the most part, people never end up using or needing these expensive amenities. You’d be amazed at how much it costs to heat and keep a pool clean each month, or to pay for the concierge guy to sit at a desk all day so he can smile at you on your way in. It’s rarely worth the cost to the homeowner.
So before you buy, find out what your condo fees will include and how much you’ll pay. It’ll be worth your while.