So say for example your condo is 750 square feet, your condo fees would come in at $375/mo. more or less.
Parking and Locker also carry a maintenance charge, if you own them add 5-10 cents to the index.
Now watch this trick: larger buildings with more amenities still have same condo fees, yet have a lot more to offer; “wet amenities” such as pool and sauna, specialized amenities such as virtual golf, bar and restaurant, lounge / club, movie room, rooftop patios, billiards, etc.
Small buildings will have either no amenities or limited ones, usually a small room with a couple of elliptical trainers and a bench. Why? b/c if they wanted to maintain more amenities, condo fees will sky rocket and value will drop. You do not want that to happen, do ya?
OK, so for your next purchase – investors pay attention – look for buildings with 200+ units that offer a good variety of amenities, your tenants will love you for this and are likely to pay rent on time.
As we say, bigger is better.
keywords: maintenance fees, condo fees, Toronto condos and lofts, Yossi kaplan, condo amenities, wet amenities