* The Condo 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. * 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 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 very 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 Surprise 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 1% 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 $225,000, then 1% is $2,250 annually and $187 per month The same townhome has maintenance fees of approx $260 per month which includes: * Water - eliminating a separate Water Bill of approx. $30-$40/mth * Structural Insurance - reducing the cost by approx. $10-$30 * Landscaping & Snow etc - saving you at least 1 Hr/wk @ $10-$40 Adding “Prudent non-Condo" Repair set-aside $187 Total $237-297 - You’re going to pay a very similar amount one way or the other If paying Condominium Fees were "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 (sometimes windows & doors) - Less to think about when you are away from town |