What do condominium fees normally include?

Question

I think this condo fee includes water and trash but not property tax. When I asked the owner what they included he said everything. Then later mentioned you have to pay your own property tax and maintenace. What do condo fees usually include? Do condos go up in value like homes normally or down?
Thanks!

Answer 1

With condos the taxes are always separate and added to your mortgage payment. In Co-op's the taxes are always included in the monthly maintenance fee.

As for what amenities that are included in a CONDOS monthly maintenance it's usually standard to include the grounds, and pool maintenance and possibly some utilities or cable. My condos monthly fee includes heat,hot water,gas and grounds maintenance. My best Friends in another complex only includes pool and grounds maintenance and basic cable...Everything in his unit is electric and he pays all those costs!
Now about values... Condos sell for less than homes and it's generaly agreed that they increase in value slower too. Don't be too worried about resale value as the market changes every few years and who knows where it will be when the time comes for you to sell. They will always be people interested in buying a well priced entry level condo.

Answer 2

Oh no that's a tremendous nono. I stay in Toronto city all my life and there is something i observed it incredibly isn't any longer low priced! the costs pass up each 3 hundred and sixty 5 days in case you want to save for a three mattress room condo in particular interior of city you'll have a minimum of $3 hundred,000 that $70,000 which you have have been given you will use as a down fee in spite of the undeniable fact which you would be paying a very precise own loan each month including the taxes.

Answer 3

Each one is a little different but the normal things would be..

Trash removal, lawn and grounds upkeep, snow removal, sometimes water use. Remember that when things BREAK the bill is paid for by the tenants as extra cost, which is not included in the normal fees.

And some have things like pools, health clubs, tennis courts that you end up paying towards also.

Condos tend to a little more risky then homes do simply because you have less control over your investment. Over time they have proven to grow slowe then homes do in value.

Answer 4

There is no normal. There is only what is defined in the condo association charter which is required by law. You must read the fine print in these to see if you are getting your money's worth. It is buyer beware all the time.

After having said this, generally trash, road maintenance and maintenance (not repair) of communal areas (e.g. law mowing, vacuuming etc..).