When you buy a condo in Calgary, you don’t only own the physical living space that you purchased, but you also own a share of ownership in the condo corporation.
That corporation needs revenue to pay for day-to-day operations such as cleaning of common property, snow removal, landscaping and everything in between.
Items included in most Calgary condo fees:
- Heat and water for the condo units as most buildings have centralized heat and water systems
- Heat and electricity for the common area and operation of the common property throughout
- Insurance for the overall structure and common property
- Reserve fund contributions to replace common property as required
- Management company fees for the overall management of the corporation
- Landscaping & snow clearing for any greenery, sidewalks or driveways
- Exterior maintenance and cleaning for the overall building
- Caretakers and live-in managers as required
- Security personnel as required
Less common items included in Calgary condo fees:
- Television and internet services
- Full time or part time concierge
Why are Condo Fees Important?
Without condo fees, the condominium corporation wouldn’t be able to operate; you would have a condo unit in a dark, cold and vacant building simply put. Another reason is that the condo’s elevators, roof, structure and every other component will one day have to be replaced and / or maintained, which costs money!
When that time comes you want to have enough money in your condo corporation reserve fund to cover those expenses, otherwise it may result in a special assessment where the owners pay to cover the difference. This can sometimes happen with little warning and be a large figure which isn’t affordable by any means.
I have heard of special assessments ranging from $500 all the way up to $100,000 per condo! Your condo’s value is intrinsically tied to the health and overall operation of the condominium corporation!
Funding the Operation…
It’s important to take interest in your condo, pay your condo fees and encourage other owners to treat the condo with respect.
It’s also really important to make everyone accountable for their actions in the condo building whether owner or tenant as you fund the operation of the building.
What do I mean by accountable?
If you have one or more irresponsible / disrespectful tenants, it can end up costing the corporation and hence unit owners more money for clean up, repair and maintenance that would not have been necessary otherwise.
Beware: Water Flooding
A common cause of special assessments is water damage from units on upper floors where tenants forget to turn the tap off. Condo owners and tenants should always check the taps before leaving.
Futhermore, condo owners and tenants should always check for cold weather in Calgary before leaving for extended periods of time. If the heat isn’t turned up, pipes can freeze and cause massive flooding!
Be a smart cookie and avoid this all-together by having a simple checklist stuck to your fridge or pantry cabinet. You don’t want to be that person that costs you and everyone else thousands of dollars, trust me!
- For several more tips, check out our Complete Calgary Condo Guide today
Don’t settle for anything less than the best from your real estate agent! As a highly experienced condo specialist and REALTOR®, I guarantee to provide you with the best service, advice and expertise the industry has to offer while taking care of all your real estate needs.
Call me anytime at 403-370-4180 or message me below for a quick response. I am looking forward to helping you accomplish your real estate plans!