Why do condo fees differ between Buildings/Corporations?
In reality operating costs are virtually the same between buildings but what creates the difference is that some buildings include some or all utilities in the maintenance fees while other buildings have the individual owners pay the utilities directly. Each building pays for different amenities; 24 hour security guard or none, valet parking, free shuttle bus, swimming pools, to name a few. And each corporation is required to set aside a portion of the condo fees for a reserve fund to pay for major repairs in the future and some corporations may not charge sufficiently for their reserve fund. To compare expenses between buildings, you must add your condo maintenance fees plus utilities you pay direct to get an accurate comparison.
Read more about the condominium lifestyle:
Costs Associated with Condo Ownership
10 Things to Check Before Buying a Condo
Don't Fear the Condo Fee
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