As a homebuyer, you may have used all your savings to buy a condo unit, and your budget afterward is no longer friendly. Initially, you didn’t feel like condominium maintenance fees will be expensive. So, when you realize that you have spent so much more than expected, you will begin to wonder
Why Are Condo Maintenance Fees So High?
Generally, a condominium is more spacious and has more facilities than an apartment. It also provides more comfort to the owner. So, anyone who lives in a condo directly contributes to the expenses of the building with the facilities inclusive.
However, many still prefer a condominium to other regular apartments. This preference does not depend on the luxurious aspect of it but the comfort attached to it. When your condo maintenance fee becomes high, do not rush to conclude that you made the wrong choice. Consider the facilities you enjoy and the total cost of maintaining them.
Many homeowners feel like the expenses of owning a condo are high because of the luxurious facilities. The reason is that in the condo community, each unit owner contributes to the frequent maintenance of the building facilities. If you live in a condo, you will be directly responsible for the management of the building.
Another factor that affects the maintenance fees of a condo is inflation. The high price of commodities in a particular location can make the condo owner increase the condo price, thus affecting the individual’s purchase strength.
Condo fees also vary depending on the community and the number of utilities. Some condos have fewer facilities than others, and the price of a condo with many features will be high.
The cost of renovation can also increase the price of a condo. If a condominium looks old and worn out, the owner will likely want to refurbish it to make it attractive again, and this will cause the condo price to increase.
Are Condominiums More Expensive Than Apartments?
Generally, condominium fees are similar to that of an apartment. The only difference is that the price of a condo is a bit higher than an apartment because it has more facilities that provide extra comfort to its owners.
A condo usually has luxurious facilities like a garage, a gym, an indoor or outdoor swimming pool, a bar, a lounge, etc., which you cannot find in an apartment. It is the duty of people living in a condo to contribute to the frequent maintenance of these facilities, which inflates the price of a condo.
Another factor that makes a condo more expensive than an apartment is ownership. An apartment is a property only for rent and is taken care of by the owner. But since buying a condo automatically makes you the owner, you will spend more to maintain its facilities.
Am I Paying Too Much For My Condominium?
Condominium owners grumble a lot because a condo’s maintenance fees are always high. Sometimes, they regret buying a condo because they feel they have no control over the price.
Condominium fees tend to rise daily due to the cost of maintaining the building and its facilities. As the owner of each unit inside a condo, you cannot escape the expenses because to retain the standard of the condo, you must adequately maintain each facility by funding its expenses.
However, there are no general rules regarding how much a condo should cost. Each condo’s price depends on your location and the number of facilities it has.
How Can I Lower My Condominium Maintenance Fees?
As much as the maintenance fees for a condo are high, you can lower them by joining the board where they decide prices. Another way is by reducing the cost you spend on the maintenance of each facility. Lowering the cost does not mean you should remove all the facilities that provide comfort. Here are a few tips;
1. Human Resources
If you run a careful check, you will see that the individuals that live in each unit can handle some of the services that require expenses. For instance, You can review the cost of hiring cleaners to clean the surroundings by creating a policy that the individuals in each unit should take turns cleaning.
2. Invest In Buying Quality Types Of Equipment
Some condos use equipment that is not durable, but yours should be different. Buying high-quality products not only reduces costs but will also prevent you from spending so much on the daily maintenance of the product.
Other ways you can reduce the maintenance cost of your condo are listed below:
- Make use of accurate inventory to help you track expenses.
- Have a maintenance routine.
- Conduct frequent inspections and fix faulty items on time to avoid an emergency.
- Have an emergency saving for home improvement costs.
Is It Reasonable To Invest In Condominiums?
Over time, condos have proven to be a good investment plan. Investing in a condo will help you generate more income than just owning a regular house.
Investing in a condo is a wise decision because it is also more affordable than buying a single house that can only accommodate you and your family. When you invest in a condo, you automatically become a homeowner, making you gain more value for your money.
What Is A Condominium?
A condominium is a private structure owned by one person. It is a large building that contains different units. Each unit has a private owner who has the right to live in it or rent it out to any individual of his choice. A condominium is not just a building with rentable units inside, It is a structure that offers comfort to its users.
Aside from owning a unit inside the building, a condominium also allows the homeowner to have a share in the facilities like the staircase, the gym, swimming pool, etc. A condominium is usually under the care of an association to which the owner pays an agreed amount for monthly maintenance of each facility.
The units inside a condo are usually known as communal property. The reason is that each unit connects to the other, and if the toilet is faulty, it affects everyone. Although owning a condo makes you a homeowner, you will not be in control of the land on which the building stands.
Many people tend to push aside the thoughts of having a condominium due to the cost of maintenance. But then, owning a condo is not a bad idea. The expenses are similar to that of an apartment.
I am Inemesit Etim and I am honest, reliable, confident, and responsible in my work. I am a highly talented, detail-oriented creative content writer with 3+ years of experience writing helpful content that gives value to readers like you. My articles are a product of intense research, both from personal experiences and from reading through the experiences of others. I love home improvement and I am glad I can help you improve the quality of your home and living experience.