Condo fees in 20 years......

[ESPNGuy]

Is it to be expected that condo fee's just go up and up and up?

I mean in theory even a well managed building after 15-20 years wouldnt the fee's be expensive ?

Roof, updates, etc would always cost money.

How can people buy condos for long term with the chance of there condo fee's becoming half there mortgage amount or more?

 

[AKS]

there's suppose to be a percentage set aside as a reserve fund in event the roof leaks or major fixes need to be done years down the line. Condo fees usually jump after first year of registration because it gets signed over and the residents need to maintain it. If the management is good, increases will be minimal. If not, it will go up. For example, if there are too many security guards, over spending etc. Residents get to elect a board (other residents) to represent them. If there are problems, if they are good, will usually stand up and change the management after first year is over. (First year there is no choice). Fees will go up, but after awhile, it should flatten except when energy prices increase. Hence prices will increase but in small amounts if run properly. Energy price increases are inevitable. Even if you live in a house, your bill will increase in prices. In condos, elevators, plumbing etc might break down and cost to fix it might increase years from now. But that's same if your house needs fixes.

 

[Eug]

Is it to be expected that condo fee's just go up and up and up?

I mean in theory even a well managed building after 15-20 years wouldnt the fee's be expensive ?

Roof, updates, etc would always cost money.

How can people buy condos for long term with the chance of there condo fee's becoming half there mortgage amount or more?

Maintenance costs money. Do you really expect the same amount for condo fees for 20 years straight?

P.S. My condo fees were an infinite multiple amount higher than my mortgage, because my mortgage was zero.

 

[ESPNGuy]

Maintenance costs money. Do you really expect the same amount for condo fees for 20 years straight?

P.S. My condo fees were an infinite multiple amount higher than my mortgage, because my mortgage was zero.

In theroy your right, I mean the cost of living and other things always goes up.

I guess im looking to protect myself from getting into something where the fee's go out of controll quickfast

I mean is 3%-5% per year an average increase?

I would prefer a building with really no pool, no consierge (sp)
because I know they drive up fee's

How do you know if the fee's you pay are high or low or if a condo your looking at already has higher than average fee's?

Is there some sort of way to determine the Condo fee's per sqf in an area
to see if what there charging is on par with others in the same region?

 

[Eug]

In theroy your right, I mean the cost of living and other things always goes up.

I guess im looking to protect myself from getting into something where the fee's go out of controll quickfast

I mean is 3%-5% per year an average increase?

I would prefer a building with really no pool, no consierge (sp)
because I know they drive up fee's

How do you know if the fee's you pay are high or low or if a condo your looking at already has higher than average fee's?

Is there some sort of way to determine the Condo fee's per sqf in an area
to see if what there charging is on par with others in the same region?

Just look around and ask. However, you need to ask also what's included. For example, some condos include cable, water, and electricity in the condo fees, whereas others do not. Price per sq. foot really varies depending on amenities. Also, my condo actually had a fixed rate. There were two sets of condo fees, low and high. Low for those with bachelors or one bedroom units, whereas those with 2 bedroom or 3 bedroom units paid the high fees. Note also that you will pay fees on your parking spot, so factor that into the calculations.

I too didn't want a pool. A place without a pool will often have much lower fees.

If it's an established building, it should already have a good reserve fund, with good management practices. If so, the yearly increases shouldn't be huge.

 

[AKS]

If you want to know what some of the condo fees cost you can take a look at this website. http://condofees.com/

 

[ESPNGuy]

Its a tough choice for me , because in all honesty I am leaning to the joys of condo living but dont want to get into a position
where the condo fee's become outragious and I have a problem selling in 5 years or so which is the time table I am looking to live in this area for

The buildings I have been looking at in the C10 area are all typically about 8-10 years old with reasonable fee's my fear is as these buildings become 15-20 years old what will the fee's really look like

I fear the $550 condo fee's in a a one bedroom condo!

 

[AKS]

If the condo is already 5-10 yrs old. The maintenance fees have pretty much settled down unless management is so bad and the board isn't doing anything about it. There's a cooling down where things get settled and run normally. Once in awhile there may be the odd fixes they may or may not be prepared for but they should have a rough idea of the budget from looking at previous years expenditures.

The only issue you might need to worry about are elevator issues, idiots throwing card board boxes down shutes so u gotta call in for repairs and idiots who play with fire alarms so it rings at 2-5am in the morning. False fire alarms costs the building money.

 

[BobBob]

I suppose not much more can be said other than to look for buildings with fewer amenities, built by well-regarded developers with a reputation for quality. There is really no way to be 100% sure that maintenance fees won't significantly increase.

On an unrelated note, I'm interested to know why you incorrectly place an apostrophe into the pluralization of "fee" but not of any other noun. What is special about this word in your opinion?

 

[ESPNGuy]

nothign special there bob

just chalk it up to very poor grammar skills

i