Let's Talk Condos with YBB Member Andrijana Jakovleska

TIPSY TUESDAYS

Jun 1

Let’s talk condos!

There’s somewhat of a negative connotation towards condos and the “condo fees” that come along with them.

Condo fees include maintenance, landscaping, management of the condominium and in some cases utilities. They can be beneficial for certain buyers who want complementary maintenance/landscaping & want to be part of a community within the condominium.

The $ amount of condo fees varies based on the type of building (apartment, townhome complex, etc) plus the size of the perspective unit and what is included in the condo fees. The negative connotation mainly comes from the fact that you as a condo owner do not have a say in the increase of the condo fees at any time because even though you own a unit or units you are essentially buying into a condominium business run by its board members and investors.

A tip that can benefit your condo ownership, is to become part of the condo board or become an investor so that you have a say in the decision making.

Apart from the above, a condominium if managed correctly can be a great opportunity & investment for a buyer. Especially townhome complexes, since there’s not as many units as an apartment building and condo fees are more likely to remain low over the years.

In prime areas, your condo investments will increase in value, especially if managed well.

Always have your REALTOR gather all of the condominium documents for review before purchasing a condo. Knowing as much information as possible will aid into making the right decision. It is the seller of the condo’s responsibility to give all condo documents to your REALTOR.