Why Lowest Maintenance Condos in Toronto May Not Be the Best Option

by | Apr 22, 2014 | Real Estate

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Most people who dream of condos believe one myth that could be a bad thing. They believe that owning a condominium with no amenities will mean they pay for the lowest maintenance condos in Toronto. However, this isn’t true at all. Maintenance fees aren’t just for the amenities, such as terraces, saunas and pools; they are there for any kind of maintenance that will be required at the condo.

Most fees will run around 50 or 60 cents for each square foot. This amount is actually quite small compared to how much repairs can cost. You should also remember that you are not the only one paying; everyone who owns a condo in that complex will be paying that same fee. They may have slightly less maintenance fees if they have less square footage, but they will still pay the same price per square foot.

The type of condo building will also depend on whether you have the lowest maintenance condos in Toronto. You could actually have lower maintenance fees if you have a lot of amenities because these condos are usually very big buildings with an extremely large amount of suites. https://twitter.com/VHLInc that is smaller, there will be fewer suites to buy, which could cause maintenance fees to climb slightly.

Many people feel that maintenance fees on a condo feel like “paying rent monthly”, which can feel very annoying to many. However, they don’t feel that paying for maintenance on a home is like paying rent. Looking at the maintenance fees on a condo as a savings account for maintenance problems is a much better way to consider the fees; you would have maintenance requirements no matter where you move and if you owned a house, you may not have funds saved for such matters.

Maintenance fees also include common elements as well, not just for the amenities. These can include snow removal, landscaping, repairs and window cleanings. These fees may also be used for security, which benefits everyone.

Therefore, use caution when considering lowest maintenance condos in Toronto. You may end up being required to pay out of pocket for some types of maintenance that would be covered under the fees anyway.

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