Episode 2: Why pay Toronto condo maintenance fees?

Why Pay Toronto Condo Maintenance Fees?

As a condo buyer, likely you’ve seen the term “maintenance fees”. Here’s what they are and why you might want to pay these verses purchasing a home with no designated maintenance fees.

Every three years, a performance audit is done on a condo building. This is when engineers come in and evaluate the complex to determine future maintenance expenses.

The condo board then sets  maintenance fees in response to the anticipated future capital expenditure

the difference between paying a monthly condo maintenance fee and the true cost of house ownership, may be closer than you think

When deciding to purchase between a house or condo, the average person may think it’s a no-brainer to purchase a home based on not having a monthly maintenance fee overhead. Be that as it may, by taking a closer look at the maintenance costs of a home, which could include unexpected expenses such as: appliance/furnace repairs or replacements, roof and basement leaks, updating electrical,  a buyer can arrive at a true cost comparison.

Condo maintenance fees may also include the use of condo amenities, landscape maintenance, snow removal and security. By contrast,  for a house owner to achieve the same life style they will have the added expense of gym memberships, snow removal, lawn care and security.

So based on the above information, the difference between paying a monthly condo maintenance fee and the true cost of house ownership, may be closer than you think.