High vs Low Condo Fees

Let’s take a look first at how condo fees are determined and what they may pay for.  This may include but not limited to:
  • Up-keeping and maintenance expenses of the building
  • Snow removal
  • Landscaping
  • Grass cutting in front/back yard
  • Future reserve fund upkeep projects planned
  • Utilities Expenses
  • Other professional service providers (elevators, pest control, garbage removal, carpet cleaning, garage cleaning etc)
  • Professional fees from accountant and property managements
  • Construction type of the home
  • Age of the building
  • Direction/Motivation of the condo corporation (board)
  • Legal responsibilities (outstanding law suits judgements)
  • Size of the building (how many units contribute to the expense)
  • Special interest amenities (Social Rooms, Pools or gyms)

Average 1 Bed for a home around 600 sqft should be ~$200-250 in the first 5 years, $300-350 with homes 5-10 years and if older $350 and up depending on various factors.

Average condo fees for 2 bed 2 bath 900-1000 sqft condo, 5 years old or less ranges $350-450. 5-10 years $450-550 and older usually $550 and go up due to higher expenses with upcoming replacement costs being adjusted and saved in the reserve fund contributions.

High condo fees isn’t necessary a bad thing.  

A potential buyer have to ask the following:
  1. What is my condo fee paying towards?
  2. What projects have been paid for by the reserve fund over the last 3-5 years?
  3. What projects are being currently paid out of the reserve this coming year?
  4. What future projects are being planned?
  5. What utilities are being covered and how does the board manage any fluctuation in the expense?
  6. Are there any special amenities area that the fees help pay the maintenance for?

End of the days a higher condo fees maybe a good thing if it shows the corporation is thinking ahead and preparing for future projects accordingly. I almost caution against homes that appear too low in their fees as that raises the question how funds will be obtained to pay for any upgrades/repairs due.

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ARIVL | Real Estate for the Modern Millennial.

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Phone: (780) 224-5566


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