The condo owners often complain about their maintenance fees. Let us have an elaborate discussion about the maintenance of the condo with an example.
A condo corporation representing 300 units spends roughly about 3.4 million on its maintenance every year which makes 65 cents maintenance costs per square.
The examples include all the utilities as a part of the maintenance fees. The condos in Etobicoke which are built after 2010 need to have electricity metered separately (Energy consumer protection act). 32 percent of the fees go for utilities, 32 percent in reserve fund and 24 percent in services.
Some extra thoughts:
The maintenance fees of the entire building are calculated as a whole. Meanwhile, the maintenance fees of locker areas and parking space are also included in the recent times.
Money is required for almost everything. Elevators are a basic example and each elevator costs $5-$10k per year. Do not just consider the number. Instead, considering the maintenance costs per square foot will be a better option.
New condos require 2 to 3 years to find out the actual fees required for the operation of the building. Usually, the well-run buildings possess maintenance fees of about 65 cents per square foot.
Showing kind attitude towards Condo Board members- the Condo Board members are often a messenger with a thankless job. They do what they consider the best for the health of the condos in Etobicoke.
Sometimes, the Condo Board members just rip off the band-aid by announcing the increase in maintenance fees or by other bad news. The Condo Board Members are made personally liable by the Condo Board Act for not coping with the advice of Reserve Fund Studies.
In love with the place where you live but unhappy with the decisions of the Condo Board? Why not get on the board and offer solutions! You can welcome bigger and innovative changes- services are the easiest place where there are increased chances of saving money. You can reduce the services or change the existing supplier.
Although lawsuits are not comfortable, they cannot be avoided. However, there are some places where they are not necessary. Some frightening stories of condominium boards tell that when minor rules are pushed, they result in loss of long bills of thousands of dollars.
In some cases, a “Special assessment” can be an improved option in collecting money for financing increased maintenance costs vs unexpected finance of condos in Etobicoke.
You must not overlook the Reserve Fund Study, which shows the savings made for renovation in the future and the necessary updates.
The engineers of condos in Etobicoke access the condos for possible major costs of future such as balconies, chillers, new roof, boilers, etc. Furthermore, accountants predict the expenditure and savings applied. Healthy values of the Reserve Fund are important for forecasting stable maintenance costs.
‘Death, Taxes and maintenance costs’- you need to pay all those fees. It will cost you more if you ignore these.