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Condominium fees: What owners should know
The complex documentation of a condominium project should be clearly understood by the purchaser.
First-time condo buyers are sometimes confused by the monthly maintenance fee that condo buildings charge. Combined with property taxes and your mortgage payments, they can add up to a hefty percentage of your total housing costs. But what is a condo maintenance fee and what does it cover? And how does it compare to the costs of owning a house?
Condo maintenance fees are your percentage share of the costs to run the building as a whole. Unlike rent, they are not a profit source for the management. In fact, each building is registered as a non-profit corporation in many countries.
Read the full article here.
The complex documentation of a condominium project should be clearly understood by the purchaser.
First-time condo buyers are sometimes confused by the monthly maintenance fee that condo buildings charge. Combined with property taxes and your mortgage payments, they can add up to a hefty percentage of your total housing costs. But what is a condo maintenance fee and what does it cover? And how does it compare to the costs of owning a house?
Condo maintenance fees are your percentage share of the costs to run the building as a whole. Unlike rent, they are not a profit source for the management. In fact, each building is registered as a non-profit corporation in many countries.
Read the full article here.