Condo Fees? Waste of money? Or Useful?
Posted by Matthew Dekort on
Many people complain about condo fees, without fully understanding WHAT condo fees actually are, what they do, or how they are calculated. Let's review a few of these before deciding if the fees are "bad".
What are Condos First, a condominium is a form of group ownership. When you buy an apartment (lets say 100 units, all same size), you are not only buying your individual condo, but a type of real estate that makes you a PARTIAL owners in the ENTIRE building. In the 100 unit example, you become a 1% in EVERYTHING, for better and for worse. In real life, we typically break down the fees by the size of the units, with larger units paying more.
What Rights / Privileges / Responsibilities Your ownership stake allows you to vote for the board of…
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