Condo fees include concierge, security services, gyms, pools, carpet and wall cleaning, maintenance of common areas, insurance, garbage removal, and in some cases even utility bills. These monthly fees are decided upon by the condo’s board of directors who oversee the operations of the condo as a whole.
Another popular misinterpretation about condo fees or maintenance fee: In apartments, condo fee is generally based upon per sq ft basis. Say, if you buy a $700 sq ft condo (common entry level condo apartment), your condo fee can be $0.50 cents p.s.f or $350 per month.
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In most cases, condo fees do not include property taxes according to bankrate.com. Fees are paid to the condo board to cover things such as maintenance and the cost of amenities. Owners pay property taxes to local or state agencies as required by tax law.
In an apartment [00:02:00] style, you will have some utilities that are included in that condo fee. So while that may seem a lot higher than, say, a townhome, in the townhome, where you are metered for your own utilities, you’re probably paying that separately from the condo fees. So think about it as a whole.
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Generally speaking, condo fees (or strata fees) cover building maintenance, amenities, and utilities. Condo fees aren’t cheap but it’s the price you’ll have to pay if you want to buy a condo. The tricky thing is, what condo fees cover differ for each individual building.
Differences Between a Condo Fee & an HOA Fee – Budgeting Money – Condo associations tend to have higher fees than HOAs of the same size do.. you’re going to see a recurring bill to cover condo fees or HOA membership.. doesn’t require the level of funding that a condo association does. Condo vs. co-op: Know the differences before buying one.
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Typically, this condo master policy is maintained through HOA fees that all of the condo owners pay. Everyone pays a little to insure a lot collectively. 5 HOA insurance questions. Condo owners should also have their own coverage to account for personal property and risks the HOA policy doesn’t include.
Condo fees (also known as strata fees) are mandatory, non-negotiable fees that every condo owner has to pay to their condo corporation (or strata board). What they pay for and how much they cost varies from building-to-building, but here’s a breakdown of what you may be looking at.