With the development of many new condominiums in Toronto, people are inclining towards the condo lifestyle and purchasing luxury apartments. However, buying a property requires significant research and analysis because there are a variety of factors that influence the cost of these units. One such crucial aspect is the condo fees. Before we discuss what is included in the condo maintenance fee, let us take a look at what it means.
What Are the Condo Fees?
Condo fees are a regular monthly payment made by each unit owner towards the maintenance of the building. The fee is usually based on anticipated annual expenses and the size of each unit. The condo association is responsible for managing it. You can expect a condo fee to include services such as security, interior and exterior maintenance, utilities like trash collection and water supply and seasonal expenses such as snow removal or cleaning the gutters.
What is Included in a Condo Fee & How is it Determined?
- Age and Size of the Building
Older buildings that require frequent repairs and maintenance services have a higher condo fee as compared to the new buildings. Also, the cost of renovation will add to the expense.
- Facilities Available
Your building may come with a gym, 24/7 concierge services, excellent parking facilities, security, a rooftop lounge, and more. Remember that the cost of using these amenities will factor in your condo fee. In addition to this, it also includes a contingency fee kept aside as a reserve fund, to be used in case of an emergency repair to deal with any unexpected damages.
- Other Fees to Consider
Depending on the condo association, the fees may also include gas and electricity. The building may have metered units for everything to distribute the costs based on the services offered. In most cases, the condo charges are calculated based on the square foot of a unit, which means the expense will increase for a large condominium.
What is a Reasonable Condo Fee?
It is hard to provide a definitive answer because the charges depend on many factors. Research shows that the average price of condo fees in Toronto is around $0.50 per square foot and may range up to $2.00 or more for high-end buildings.
Since the charges play a significant role in determining the overall price of purchasing a condominium in Toronto, you must consider them to evaluate and decide whether buying a unit is feasible for you.
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The Davies is known for condo developments in Toronto featuring high-end designs and equipped with all the amenities required for a comfortable living. The contemporary style of architecture coupled with beautiful suites that are artfully designed portray the perfect picture of a luxurious lifestyle. Facilities such as a sophisticated lobby, private access elevators, and landscaped grounds, and 24/7 concierge service are available to make your life easy.