When it comes to condos, ignorance is risk. Take, for example, Nick Clayton quoted in Eye Weekly’s Unreal Estate article, who in my opinion, is naive and was not given professional advice: “Now I understand what the maintenance fees are for”.Poor Nick got himself a house he could barely afford, forgetting that ALL EXPENSES, REPAIRS AND BILLS MUST BE PAID BY THE HOME OWNER. Nick spent $25,000 out-of-pocket on maintenance and repairs, including replacement of his drain system. Ouch! 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.
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Keywords: Toronto Condo Fees, condo maintenance fees, eye weekly, Chris Bilton, Nick Clayton, Rent or Buy, Yossi Kaplan, amenities, reserve fund