Quote:
Originally Posted by Wormius
I will never understand condo maintenance fees. It’s one of the things that is a bit off-putting from buying a condo. You could practically rent a condo for the amount you’d pay in condo fees and property taxes.
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My old condo had fees that covered insurance of the outside/common area, hot water, water, sewage, garbage, elevator, basic security/intercom, landscaping and snow removal on common property, storage spaces etc. Others have gyms, heated garages, extra security, rentable common spaces like rec rooms/rooftop sitting areas, AC etc. Once you pay off the mortgage, it's still cheaper to pay those fees than rent.
It's also a forced savings via reserve fund for future work that may be required. It's not like you get nothing for those fees.
It kinda makes sense for certain common shared spaces and maintenance. For the spaces you don't use, I don't see it as too much worse than owning a larger home and having spaces you underutilize like an undeveloped basement and still kinda pay for the area (electricity, heat loss etc).