Condo fees get a bad rap, but how do they compare to the monthly maintenance costs of owning a house?
Here's what real estate agent Kim Kehoe (torontohomeresource.ca) says.
"Many buyers are frightened when they first see the total cost of condo fees on a listing, especially once they realize the cost is in addition to their monthly mortgage payments. I usually explain that condo fees get a bad reputation but are a vital part of the ongoing maintenance of their home.
"When considering a condo, it's important to research the condo corporation in order to find out exactly how the monthly payments are being allocated. A well-run corporation uses them to put money aside for future repairs, security staffing and daily building upkeep. Buyers may find it frustrating that they have no control over the size of condo fees, but they shouldn't forget that home ownership comes with plenty of extra costs as well, for general landscaping, security system, unexpected repairs and maintenance (roof damage, furnace and air conditioning maintenance, basement leakage, etc).
"Overall, condos provide an easygoing lifestyle free of the worries about day-to-day tasks that come with home ownership."