You might think that condo maintenance fees are money down the drain; however, when you look at the breakdown of monthly expenses, you’ll see how necessary these fees are to maintaining the value of your building and your unit. Maintenance fees cover (although are not limited to) the following:
- Building envelope insurance
- Some utilities
- Window washing
- Security / concierge
- Common area maintenance, including maintenance of recreational facilities, gardens, walkways, driveways, and underground garages
Furthermore, a percentage of your monthly maintenance fees is applied to a reserve fund to cover future repairs and major expenses, such as building heating and plumbing, and roof replacement. Your building’s management is not-for-profit, so all fees paid must be put towards maintenance and contingencies; nothing more.