November 8, 2011
The Skinny on Condo Fees
by Heather Rovet
First we need to understand that the condo fees or maintenance fees (as they are sometimes called) are the sole principal source of income to cover costs to operate and maintain the condo corporation. They are the unit owner’s proportionate share of expenses to the corporation and include contribution to the reserve fund. They are collected on a monthly basis – usually the first of the month. The Condominium Act, 1993, obligates owners to pay and mandates the Board of Directors to collect.
The fees cover all the common area expenses which might include concierge service, a swimming pool, gym, basically all the extras that come with condo life living as well as all the other things we don’t see, like: elevator maintenance, building insurance, reserve fund and fire alarm testing.
Sometimes older buildings have high fees due to the fact that the building itself is older and perhaps the reserve fund of the corporation has dwindled.
All in all, condo fees just become another bill one pays. As a condo dweller, I see it as paying for things like taking my garbage out, shoveling the snow in the winter, keeping my lobby nice and clear, my heat and ac, water and hydro too. They really are nothing to be afraid of – just another one of the many price tags attached to the cost of living!
About the Contributor
Before Heather Rovet started matching people with the right home, she spent many years putting people in the right clothes as a wardrobe stylist for the television and film industry. Both are very much the same to Heather – it’s about listening to functional needs and understanding a person’s vision – and she brings those two key elements together to find the right solution. With a love for the unity of beauty and order within a space, Heather feels that our homes are the place in which this can be reflected and defined.
Coupled with a passionate and keen eye for style and design, Heather sees the potential in the reality and helps clients to really envision their dream space. Whether it is a starter property, an upgrade, an income property or one’s own private sanctuary, Heather works with her clients every step of the way to put them in the home that is right for them.