MARKHAM, Ontario (CU)_Unlike other residential properties, those own condos must pay a monthly maintenance fee, in addition to a mortgage and property taxes. This fee usually covers costs incurred on the building’s operations, like cleaning, security and some utilities, as well as contributions to a fund set aside for bigger repair jobs in the future. While an owner of a Condominium cannot avoid these costs, there are a few ways in which they can avoid nasty surprises on maintenance fees down the road.
Jamie Herle, president of the Canadian Condominium Institute, advises condo owners to take a closer look at potential building expenses, particularly amid rising cost of everything, from energy to materials and labour. “Especially with the economy as it is right now, and the world as it is right now, all these input costs, if you have any repairs or anything that has to happen, they’re going to be a lot more than they were budgeted for a year ago,” she said.
She further pointed out that it is imperative to understand…