Why Do Condominium Owners Pay Condo Fees?
Often I hear the comment that buying a condo feels like you still have to pay rent – referring to the monthly condominium fees. True, all condo owners are required to pay condominium fees. But what is misunderstood, is what these fees are used for. If you own your own home, you pay for maintenance, insurance, water and sewage, and hydro. You also pay for lawn care services or alternatively you buy the tools and supplies and take care lawn and garden beds yourself. If the roof needs to be repaired, you pay for the repairs, either by taking it from savings, using a line of credit, or perhaps remortgaging your home. Continue reading