Condo fees are monthly payments covering shared building costs, including maintenance, amenities, common services, and sometimes utilities, separate from mortgage and taxes.
Fees usually reflect each unit's share of common expenses, often tied to size, parking, lockers, amenities, and governing documents, so neighbors may differ.
A portion supports reserve funds for major repairs, like roofs or parking garages; underfunding can lead to a special assessment for owners.
Utility coverage varies: water and common-area utilities are commonly included, while heat and electricity may depend on building systems or separate meters.
Before buying, review status certificates or disclosure documents, confirm ownership structure, ask which utilities are included, and budget a buffer for increases.
Developers Get Creative With Incentives
Some developers offered to cover up to one year of mortgage payments on new homes. The offer capped at about
