CONDO FEE INCREASES IN 2023 – LESSONS FROM 2022

The article titled "Condo Fee Increases in 2023: Lessons from 2022" provides insights and lessons learned from condo fee increases in the previous year. It highlights the factors that contribute to condo fee increases, including rising operating costs, inflation, and unexpected expenses. The article discusses the importance of proactive financial planning and budgeting to anticipate and address future financial needs. It emphasizes the need for transparent communication with residents regarding fee increases, explaining the reasons behind them and the impact on the community. The article also suggests exploring cost-saving measures, such as energy-efficient initiatives or bulk purchasing, to mitigate the impact of fee increases. It encourages condo boards and residents to work together to find a balance between managing expenses and maintaining the desired level of service and amenities in the community.