6 facts about maintenance fees that might surprise you

This article provides six surprising facts about maintenance fees for condo owners. Firstly, maintenance fees cover the same costs as house ownership but are divided among unit owners and paid monthly. Secondly, fees are based on various factors such as the unit's size, location, and the building's budget. Thirdly, maintenance fees typically pay for on-site staff, property management contracts, amenities, exterior repairs, property taxes, insurance, and a reserve fund. Fourthly, fees for condos in Toronto average $0.69 per square foot. Fifthly, low fees could indicate future problems or unexpected expenses, and parking spots and lockers also come with maintenance fees. Finally, high maintenance fees could impact the resale value of a unit, and a real estate lawyer can review a building's status certificate to determine its financial health.