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Also referred to as common area expenses. Maintenance fees are a monthly charge (your share) for the utilities, regular upkeep, management, administration and insurance for the common element areas. The fees vary according to project and home size. Each homeowner's portion of these expenses is set out in the budget statement, which lists the percentage for which each unit is responsible.

But for many people, the maintenance costs involved with living in a condominium are offset by expenses they used to have when they lived elsewhere. For example, you may no longer find it necessary to belong to an expensive health club or recreation club (not to mention the time and energy you spend getting there).

 

 

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