1. Why Condo Fees?
There has been a surge in condos for sale in Calgary recently. Condos are a tempting
proposition – they are cheap and low maintenance, and it is easy to see why many have been
taken in by their affordability. There is one major consideration, though. You will have to pay
condo fees, which are monthly fees mainly paid for maintaining the complex.
Calgary condos have these fees to cover the maintenance required for common areas. For
instance, complexes will have grounds that are used by all residents. Part of the fees will go
into its upkeep – making sure the plants are cared for and any seating and equipment works
properly. Building repairs are also covered by the fees, so any issues with the building such as
plumbing will be undertaken by the complex owners.
Complexes will have a list of services covered by the fees. You should carefully look at the
list to see if the number of services accurately reflects the cost of the fees. You should also
think about whether you will use all the provided services. Are you going to use the
swimming pool on a regular basis? Or the gym? If a complex has those services, then the
condo fees will be higher to cover their maintenance. Do you want to pay for a service you
might not use?
Another aspect you need to consider is the actual location of the complex. A waterfront
complex will have higher condo fees just due to the amount of work required for landscaping
the grounds and the general appearance of the building. Many condos for sale in Calgary are
contained in old, converted buildings and the age of the building increases the amount of
work required. With age, walls are more likely to crack, water pipes more likely to burst and
electrical work might not be the best. The cost of looking after these issues will be passed
onto you.
Remember as well – the fees only cover maintenance requirements. On top of that, you will
have to pay utilities. If you take out a mortgage, that will also need to be repaid. You will
have to buy your own insurance for the condo, as the complex does not provide any insurance
to individual condos.
Bottom line: if you are looking to buy a condo, you should do your homework beforehand.
Calgary condos are great value right now, but you should also weigh up whether the purchase
price is worth the monthly fees. Can you afford the monthly fees, on top of all the other
monthly expenses of owning a place? On the other hand, paying monthly fees means a lot of
responsibilities that go with owning a place will be passed onto someone else.