First-time condo owners are often unsure of what the monthly sum they have to pay as condo property management fees is actually paying for. When added to the payments made to the cost of utilities, possible mortgage payments and property taxes, it can seem like a big burden. Essentially, condo property management fees are a share of the total cost of keeping the whole building and outdoor spaces in good repair as well as budgeting.
Condo Property Management Fees
Maintenance fees: Maintenance fees refer to the funds the condo property management team uses to keep the building livable and in top shape. It is money for the general upkeep of the whole building. It will often include the costs of services like:
Other routine maintenance jobs in outer wall or shared spaces.
Contingency fees: By law, all condo property management teams must maintain a contingency fund to accommodate costs incurred when carrying out special projects for the building’s upkeep. These are usually more specific than routine maintenance fees. Some of the projects covered by the contingency fee include:
Repairing the whole roof
Total roof replacement
A new drainage system
Fresh plumbing works
Perimeter fence upgrading
Other fees: apart from maintenance and contingency fees, there are other fees that condo property management teams will ask for. These fees will vary from condo to condo and sometimes they are optional as they are for costs associated with the various additional comforts that could be available in the building. These include:
Beefed up security: This is where some occupiers may need enhanced security arrangements over and above the standard security services offered in the condominium.
Parking: Some condo property management arrangements need special parking places for say, extra cars beyond what is allowed for each property.
Guesthouse: Some condominiums maintain guesthouses that can be used to accommodate any excess guests that condo owners or renters may have. This will attract a fee based on the number of guests, the length of their stay as well as the services they will receive during their time at the guesthouse.
Concierge services: Here, the condo property management may decide to have a person to deliver mail, newspapers, assist with luggage and generally be available to assist condo owners and renters here and there.
Gyms and pools: Being optional for use, condo property management may ask for a certain monthly fee for the use of the common gym and pool, or the use of either. This will cater for the maintenance of these facilities as well as for lessons and instructions the users may receive when living in the condominium.
Special fees: These are rare in nature and they seek to fund a special one-time project or purpose. This could be the acquisition of an adjacent plot for expansion or for a playground. The condo property management will seek the consensus of all owners before asking for such fees.
When considering buying or renting a condo, it is wise to inquire about the condo property management fees before moving in. Knowing the amount you will be expected to pay each month as well as the services provided will be helpful to you. It should be noted that condo property management fees will be revised from time to time to keep up with inflation or changing needs in the community, typically as part of the annual budget.
Son-Rise Property Management is a full service property management company located in Bellingham, WA. Contact us today to see how we can help you find the perfect home to rent or manage your property.