Recently I had new steps installed and a new back door. The reason for this was the age of the steps and the age of the door. The back door needed to be slammed hard to shut the door. The steps and the door cost me just over $10,000. Wherever we live there are on going to be costs associated with up keeping a building.
I’ve heard a number of times from my clients that condo fees are for what? Well, in a properly managed building they are for the day to day functioning of the building. These funds are also for the future when the building will need new windows, a new lobby, etc… When I was condo board president I remember the cost of our security which at that time was over $250,000 a year! That’s a chunk of change!
When owning property there is continual maintenance, either you pay now or you will pay later! If you choose to pay later, especially for a house you may find out a small inexpensive problem is now a huge problem. Condos are a bit different but that big pot of money is for the health of the building now and into the future.