If you’re soon to begin your condo living journey, learning about condo maintenance is a must. What is it and how does it work? Why do I have to pay monthly dues and how much will that be? Our real estate experts will answer all these questions and more!
What Does it Include?
In general, maintenance fees in condos cover the overall building maintenance and caring for shared spaces which include:
- Upkeep and utilities of these common spaces such as exterior walls, corridors, parking, lobby, elevators, grounds, etc.
- Operation costs and general repairs needed to maintain and improve amenities like swimming pools, fitness centers, gyms, etc.
- Common services like trash collection, landscaping, building security system, and sometimes heat.
- Small part of the fees also goes to your Homeowners Association (HOA) emergency fund, just in case something untoward happens.
These are basically amenities everything condo residents enjoy that traditional house owners don’t.
Where Does the HOA’s Responsibilities End and Mine Begin?
The answer to this is your unit. If your wallpaper is peeling, faucet leaking, issues, and upkeep within your unit will be under your responsibility. Those days when you could call your landlord to have something in your home fixed are now over.
Everything inside your unit, from the front door, the ceiling, the windows, and the interior walls are yours to fix.
And everything from when you step out of your unit until you leave the building (or wherever your condo property ends) is under HOA’s care.
How Do I Minimize Maintenance and Repair Costs?
Take a preventive approach
Mark a day in your calendar to inspect and check for repairs, and repeat it in your schedule at regular intervals. Also make a checklist of what you need to look at. You can start with these items and add more as you see fit:
- - Are your vents and ducts working properly? Check if there is clogging or anything blocking. You could take some time to clean them out too, while you’re at it.
- - Check your plumbing system. Does anything look like there’s a start of clogging or leaks?
- - Are you updated on your pest control? Moisture buildup or molds will invite pests into your unit. Uncollected trash or remaining residue in bins will also pose a problem.
Make a quick sweep to see if everything is working properly or if anything needs to be repaired or replaced.
Try to solve problems as they arise to prevent them from growing into bigger problems (and bigger expenses) in the future.
What Else Is Counted in Association Dues?
What comprises of your monthly dues differ from condo to condo, but the most common are:
- Parking fees
- Membership fees
- Realty taxes
- Insurance for common spaces
- Guest fees (for some condos)
There are also other factors that could affect your total bill:
- Area: Is your condo more on the high-end side located in a more upscale neighborhood? Fees will probably skyrocket.
- Unit Size: Bigger and more expensive units are imposed with bigger dues.
- Amenities: Does your condo developer offer more exclusive amenities than its competitors like a high-tech security system or a grander-looking lobby? Higher dues are needed to keep those extras running.
Benefits
Many choose to live in condominiums mainly for their 24-hour security and even tight and high-tech systems [1]. These services are all covered under maintenance fees.
If you’re single living alone or have small kids, you probably need to put security at the top priority. Condo living will bring you peace of mind. It will definitely help you sleep better at night, knowing there are systems in place to keep you extra safe.
Others opt for condo living for the posh and relaxed lifestyle it offers. Condo residents are happy to pay the extra buck for convenient amenities like a well-maintained pool, a clean playground for your kids, the gym just an elevator away, and many more.
Also read:
Conclusion
Our real estate experts hoped that this guide has shed light on condo maintenance and how much of these fees cover your condo living expenses. Remember that your unit’s upkeep is part of your duties as a homeowner and that HOA maintenance fees are allocated for the care of the condo building’s common areas.
