1. Mortgage Payment – You will have to pay your mortgage payment to your lender, unless you paid cash for your unit.
2. Property Taxes – Property taxes are not included in the monthly building maintenance fees, so you are obligated to make these payments on your own. There is an option to included them in your mortgage payment and have your lender pay them on your behalf. Speak to your lender in more detail about your payment options.
3. Maintenance Fees – You will have to pay your building fees to the corporation every month. These fees are to pay your portion of the operating cost of the building; maintenance & repair of common property, operating & service costs, contingency reserve fund, cost for management, building insurance, and any special assessments.
4. Condo Owner Insurance – It is the unit owner’s responsibility to get his/her own insurance coverage on their unit. It is recommended to get $2M of content and liability insurance.
5. Unit Repair & Maintenance – You own the interior of your unit, so it is up to you to pay for any upkeep including repairs on your appliances, HVAC (unless management tells your otherwise), light fixtures, plumbing, floors, kitchen and bathrooms. The monthly fees will cover your windows, balconies, and anything on the exterior of your unit.
6. Utilities – You will have to pay for your own electricity, heat, cable and internet if not included in your maintenance fees. Water is always included in your monthly fees if you are own a condo building.
Read more about condominiums:
Condo Insurance vs. Building Insurance
What are Common Elements?
25 Tips When Buying a Condo
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