If you or someone you know is looking toÂ buy a CondoÂ you are probably asking, "What do Condo Fees Cover?" Â TheÂ specific benefits of paying condo fees vary from complex to complex. The board of directors for a respective condominium complex is responsible for setting the fee amount and what it covers. Condo fees cover a lot of things, not just maintenance and repair.
Typical items covered by your condo fee include:
Â· Regular maintenance, which could include things such as replacing old siding or roofing, repainting, trash pick up, water, cost of security, and taking care of community spaces (parks, pools, clubhouse, parking areas, etc.)
Â· Necessary repairs (fixing garbage disposals, water leaks, furnace issues, etc.)
Â· Snow removal (if applicable)
Â· Raking and removal of leaves in the fall
Â· Lawn care, such as mowing, watering, and trimming
Â· Management fees
Â· Legal fees
Â· Party room/ party fees (in some situations)
This is a pretty typical list of what condo fees cover, but whatâ€™s included can differ between regions and companies. You should talk to your condo association for a complete and detailed list of what the fee covers.
If you are unhappy with the way your money is being spent, you can volunteer to help draft a budget for the board
to consider when they are determining the next yearâ€™s budget. Many associates already have a budget committee in place, but if not, you can request that one be created. If you do decide to volunteer, take time to analyze the entire budget and compare it with the actual expenses over the last few years; donâ€™t just raise a complaint about â€œparty feesâ€, for instance. See if any fees are unnecessary or can be reduced.
If you have any complaints about what the association is spending money on, or how community spaces are being used, that canâ€™t be resolved by volunteering with the budget committee, it may be useful to talk to your neighbors. See if your neighbors have similar complaints, and if they do, you can prepare a petition to the board.
To read more on condos and condo fees,Â click here!