Cheap condos these days are extremely rare, if not non-existent. However, you may notice that the prices go up every year. According to a condominium-specialist realtor, a good benchmark for operating costs or “housing fees†should be 30 cents a month per square foot of private property.
So where does those fees go to? The landowner’s pockets? No, they go to a lot of things: building maintenance, landscaping, waste removal, legal fees incurred by a condo board—in short it’s for the betterment of the condo and its owners.
“There are certain responsibilities a corporation has to maintain — whether it’s the exterior of the building, amenity rooms and, in some cases, betterment to the property and (condo fees) can also include paying a management company looking after things.â€