Nick, had you lived in a condo, the Condo Board would have paid for all common elements repairs that all condo owners contribute to. That includes the roof, the drain system, garage, water, electric bills for the common areas, cleaning, maintenance, gardening, snow shoveling, replacing light bulbs, maintaining grounds, party rooms, gym and pool, and all other common area elements shared by the residents.
Your Condo Fees represent your proportionate share of the cost of maintaining a property and at minimum include Building Insurance, Common Element maintenance and Water. Depending on your Condo Declaration, maintenance fees may also include Hydro, Heat, A/C, Gas, Cable, etc.
By pooling resources, condo owners are able to maintain low condo fees and carry amenities such as pool, sauna, gym, party room, movie theatres, yoga studios and rooftop patios. You won’t be able to have those if you live in a home. So Nick, next time you’re making a purchase, do yourself a favour and get professional advice from a reputable lawyer and Realtor. I’ll even give you free advice.