Many factors affect fees?
Tuesday, October 16th, 2007Chad writes a column for the local Toronto Metro newspaper called Condo Q & A. The articles previously printed in the Metro News are reprinted below. Read on for great advice and tips on condos, lofts, and townhomes in Toronto!
Q:
Why is there such a difference between maintenance fees in various buildings? — Helen M., Toronto
A:
There can be quite a large gap in the cost of maintenance fees between buildings, which is why you should carefully consider differences among properties. These fees are required to pay for, among other things, general expenses related to the day-to-day upkeep of shared or common areas and amenities such as swimming pools, squash courts, exercise rooms and landscaping.Make sure you are comparing apples to apples when you look at maintenance fees. Some building fees may include heat, hydro and even the cable, while others have very basic inclusions, therefore a little arithmetic may be necessary to get to a monthly estimate. Watch out for costly extras like electric heating or old low R-Value windows that may contribute to higher heating cost for your unit and the building.Another consideration is the age of the building. Older buildings get more expensive each year to maintain and tend to have a little bit more square footage. Since condo fees are directly related to the square footage, this will also affect your monthly bill.
