Hi, this is Warren Phipps with Mountain Park Real Estate.
Why should you like condo fees? Because condo fees are actually a great thing.
Point 1: Condo fees are like saving for a rainy day
The first point is that condo fees are like saving for a rainy day. When you own property, things always come up that are unexpected. A pipe bursts. The roof leaks. A portion of your condo fees are saved for surprises just like these. When something unexpected happens, the money is there and there's no big out-of-pocket expense.
Point 2: The fees go towards household expenses
Point 2 is that the fees go towards paying many of your household expenses. When you own a home, you have to pay for electricity and lawn care and snow removal. In a condo, a portion of the condo fees are put into an operating fund. That operating fund is used to pay all of the monthly bills so that everything stays current and all necessary services continue.
Point 3: A portion of condo fees go into a reserve fund for general maintenance
The third point is a portion of condo fees are added to a reserve fund to take care of general maintenance. A reserve fund study is done which creates a timeline that predicts what general maintenance items will be needed and when they will be needed.
General maintenance includes things such as roof replacement, painting the building or perhaps replacing the carpeting. The condo's board determines the expected life of each of these items, and puts money into the reserve fund. When the time comes for repair or replacement, the management company can use that money to take care of whatever needs to be done.
Point 4: Most people with homes don't save for repairs. Condo fees keep you prepared
The fourth point is that most people with homes don't save for repairs. How many times have you driven by a house or through a neighborhood that looks rundown because the homeowners haven't painted or replaced their shingles? The homeowners are facing a $10,000 out-of-pocket expense.
Monthly condo fees ensure the money is there. When you own a condo, all owners have a vested interest in making sure things are well-maintained and look as good as possible.
For more information on Calgary condominium management, contact us at Mountain Park Real Estate your Calgary Condominium management company Email: warren@mtnpark.ca
