the ZEN in balance
BLOG
Why Condo Fees? // November 16, 2015
Why Condo Fees?
As a young, twenty-something fresh out of university, I have to admit: I am a penny-pincher. I have student loans, I need a better car, I need a new wardrobe that fits my new working lifestyle… What I really need is to win the lottery. If you are in the same position as I am, I bet you are also thinking about the very large cost of buying your first home. It’s time to have a place to call yours. Something to show the world that you are finally growing up!
Right off the bat I immediately think of townhomes! It’s just me and my pooch, so I needed something not too big and not too small (but with a fenced yard). The price and size of a townhome is perfect for me, and for my budget! Except of course for condo fees. I don’t want to pay hundred of dollars for someone to mow my lawn! At least that is what I thought until I talked to my boss, who currently lives in a townhome. She explained how condo fees are actually a good thing, and that they are more than just getting your lawn mowed.
First of all, you can have peace of mind in knowing they aren’t a source of profit for the condo board or homebuilders or anyone else. The money you put into condo fees is money that gets put back into the townhomes in one way or another. Your condo fees are based on the size of your home and a portion of the common property. Your ‘percentage’ of the entire property determines your share of the costs to run the building, AKA how much you pay in condo fees. Check out what you get in return though:
You’re Covered
Condo fees include the cost of insurance for the entire exterior of your home. And in little condominium mini-communities, like the one’s you can get with Avalon Master Builder, that exterior includes sidewalks, streets, gardens… Everything! You would only be responsible for your interior contents. A portion of your condo fees go into a reserve fund for big jobs – it’s like a built-in savings account that makes your life that much more stress-free. So, if your walls caught fire or your roof got destroyed (devastating but possible) you could rest easy knowing that you are covered to have it repaired. Plus it will be repaired to the condo boards strict standards of high quality.
You Look Good
Regulations set by your condo board will stipulate what you are allowed to do to your exterior. Some people like the conformity that townhouses offer, and some people like it when everything is different. Crazy and colourful is fun, but if one of your neighbours wants to paint his door a gaudy colour, or decide he wants different shingles from everyone else, it can be a real eye-sore (and probably hurts resale value for everyone). And would you want him doing renovations on the walls and the roof that are directly connected to you? NO! Besides, Avalon designs the exterior to be stylish and durable. GLAS already has a really cool exterior design, and with ZEN townhomes, each unit has a different colour scheme from the neighbours, but all within a similar style.
The Scary Condo Board
Speaking of condo boards, you will have one when you live in a condominium townhome. Furthermore, you can be on it, and have a voice in making decisions for the little community you live in. The name ‘condo board’ sounds scary – like they are going to put you on trial for your decorating habits – but that is far from the truth. They are there to make sure your home and neighbourhood is, and remains to be, the best it can be.
Maintenance Free Lifestyle
The most obvious thing your condo fees get you – exterior maintenance! You will do less work on your home than you did when you lived with your parents. This is because someone else is doing all your chores (ahem, I mean maintenance) for you. This means you get to spend your weekends living your life instead of mowing the lawn, shovelling snow, landscaping the garden, worrying about garbage removal, etc.
You Get Cool Stuff
Lots of condominiums offer amenities for the residents. Obviously they aren’t free to run, but because you have shares in the townhomes you can use them as you please. ZEN in Auburn Bay offers a dog wash (no more dog hair in my bathtub? Yes, please). GLAS has a private, professionally landscaped courtyard. ZEN in Cranston and Ravenswood have beautiful green areas with gazebos that are perfect for family picnics and functions. Often, your condo fees could include a parking spot, so you don’t have to park on the street. Ask what amenities you will have access to – They might be a deal maker!
All-in-all, townhomes and their condo fees are still an excellent choice for many people. You still get a new home at a price that fits your budget, and it comes with a community feeling and security (not to mention the cool amenities). And when you really think about it, the amount you pay in condo fees at a condominium townhouse would still be paid in other ways (insurance, time, effort, renovations and maintenance) if you chose a single-family house. Don’t let condo fees scare you away from a townhome.
Why build with Avalon? We stand out from the crowd in a few important ways. LEARN MORE