* Every Condominium's management is a local, concerned & committed level of service and governance. If one of your neighbours acts un-neighbourly - you have someone to call who MUST care about your concern.
* They ensure that the exterior of your home & the streetscape is kept uniformly tasteful and in good condition. When you are away the jobs are always done.
* The total risk & responsibility of the exterior & structure (common elements) of your home is insured and maintained by the condominium's reserve fund. In the event some damage occurs to your home as a result of a mishap 3 doors down, it's automatically taken care of - no lawsuit or insurance company feud-for-recovery, as might happen in an attached, freehold/row house.
* You own the unit PLUS you own a proportionate share of the common elements i.e. all the land and buildings. In Condo's built 25-30 years ago, densities were lower and therefore sites were larger - it is possible that your Condo corporation could be re-developed for a more valuable use and as "shareholder-owner" you would reap the benefits too.
* Condominiums are often much more affordable housing options in first class neighbourhoods in top-notch locations.
* The new Condominium Act compels every Condo Corporation to set a 30-year plan for its budgets and a minimum 10% of annual budget contribution into the Reserve Fund. Soon every Condo in Ontario will be able to operate every year without unanticipated "Special" Maintenance Fees (called Special Assessments) because of the long-term planning and saving due to these ongoing Reserve Fund Studies (done once every 3 years).
Maintenance Fees are Long-term Savings AND Short-term cost-savers
*The prudent non-condo homeowner sets aside 0.5% to1.0% of his/her property's value as a reserve for repairs and replacements
Eventually, in every home the windows, driveway, shingles, eavestrough, landscaping etc will need repair or replacement, whereas in a condo those costs are borne (& planned for) by the corporation's management.
If we say average value of a Johnsview townhome is $275,000, then 1% is $2,750/yr and $229 per month, 0.5% halves that to $115
The same townhome has maintenance fees of approx. $315 per month
which includes:
* Water - eliminating a separate Water Bill of approx. $30-$40/mth
* Structural Insurance - reducing the cost of ins. by approx.$10-$30
* Landscaping & Snow etc - saving the owner at least 1 Hr/wk @ $10-$40
* Adding “Prudent non-Condo" Repair set-aside $115-229
Total $165-$339
You’re going to pay a very similar amount one way or the other
it's just a matter of how (& how thoroughly) YOU calculate and account for your costs
If paying Condominium Fees was "a bad deal" … no one would buy one
- but, these calculations show it's really "a pretty fair deal"
-Enjoyment of your unit and all the common elements, pool, grounds etc
- No real gardening -unless you choose to indulge yourself
-No worries about foundations or roofs
- Less to think about when you are away from town
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