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WHAT DO CONDOMINIUM FEES PAY FOR
Author:
CondoGenie
Publication date:
Article Summary:
The article discusses the purpose and contents of condominium fees. It explains that condominium fees are monthly charges paid by unit owners for maintenance purposes. The fees vary based on factors such as the size of the property, view, and floor level. The article highlights that the nature of condo fees is broad and depends on the development and facilities offered by the condo. Common inclusions in maintenance fees are landscaping, electricity, water in common areas, common area insurance, swimming pool and tennis court maintenance, garbage disposal, and other amenities. Additionally, the article mentions the existence of reserve funds, which are used for non-routine actions like exterior painting and lobby renovations. If reserve funds are insufficient, a special assessment may be charged to meet the requirement. The article concludes by stating that condominium fees ensure the overall well-being of owners and safeguard their investment.
Keywords:
Condominium fees, monthly fee, maintenance purpose, property tax, mortgage payments, condo buyers, condo fees, maintenance, scheduled maintenance, heating system failure, property size, view, floor level, condo facilities,
Source Citation:
CondoGenie
WHAT DO CONDOMINIUM FEES PAY FOR
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