While most buyers know about the monthly maintenance fees you have to pay as a condo owner, many are unaware of the fact that these condo fees can increase at any time!
These fees are typically based on a monthly amount which you can easily budget for, however should the building need repairs or have to pay for a lawsuit, you can end up with an additional cost that can be hard to predict!
While it impossible to avoid these type of increases completely, there are several ways you can help mitigate the likelihood of it occurring!
One of the best ways to avoid these additional costs is to choose a reputable condo builder/developer that has a proven track record. This allows you to feel comfortable knowing that the building & all of its finishings aren’t going to fall apart in a couple of years!
Another way to avoid these increases is by looking at the condo reserve fund prior to purchasing the property! If the building has a large reserve fund, this lowers the likelihood of those large repair costs being passed onto the owners should a problem arise
The big question you have to ask yourself is “Can I afford an increase in my condo fees should a problem come up?”
TORONTO REAL ESTATE - RYLIE & SALLY COOK
Toronto Real Estate - Rylie & Sally Cook
If you have any further questions or concerns about the buying/selling process or our services, please feel free to contact us below & we will gladly get back to you!
Toronto Real Estate - Rylie & Sally Cook - Sales Representatives @ RE/MAX Hallmark Realty Ltd - 416-465-7850