The upkeep of facilities, cleaning and landscaping services and parking can cost you up to $1000+ per month in more luxurious condo properties, with the minimal fee being at least $200-350 in most other condominiums. Regardless of whether or not you actually utilize the facilities such as the swimming pool, gym and tennis court, as long as you stay at the condo property, you are expected to pay the maintenance fee every month.
The proper maintenance and upkeep of the condo premises and its facilities will aid in maintaining its property value; adversely, if a condo is poorly maintained, the property value will drop, as will its residency rate and your investment in it. That being said, have you ever wondered where your condo maintenance fee goes into and what it covers? It is all revealed here in this article, read on –
Part of your maintenance fee goes towards paying the cleaning and security staff.
Many choose to buy a condominium unit because of the security that it offers. You won’t be bothered by sales personnel knocking at your door with their latest offerings, and every visitor will be vetted by you before they are allowed in. You can be assured that you will always have a parking space without having to circle the entire compound for one because the number of visitors to the condo will be restricted. On top of that, you can rest assure that there will not be unwanted or unsavory people lurking around your home as you rest at night because the entire condo area will be watched by professional security personnel. These are the conveniences that you are paying for, and they are provided for by the security team.
The cleaning staff that is responsible for the spotless lift landing and lift area is paid thanks to the maintenance fee that you contribute every month. The cleaning personnel also make sure that the lawns are not overgrown and every floor of the condo building is clean and shiny.
Upkeep of facilities and fixtures
Does your condo feature a large fountain or water fixture that looks really good at night when it is lit up? Well, that is one item that your maintenance fee is paying for – the electrical bill that comes with having the fixture being turned on the whole day and night, as well as the upkeep of it.
Of course, there are also your usual condo facilities such as the swimming pool, squash, basketball and tennis courts, playground, clubhouse and saunas that require constant servicing to keep it in tip-top shape.
If your condo offers you an air-conditioned lift landing and private lift service, then the maintenance fee will naturally be higher than most other condominiums.
In short, you pay for what you get. The more luxurious the property, the higher the maintenance fee you can expect to pay every month. If you are not prepared to pay a high maintenance fee for your condominium unit, then take note to choose a property that is smaller and that has less facilities and landscaping. It will be wise to place the issue of the maintenance fee high in your list of questions to ask before buying a condominium unit as it is a commitment that you will have to meet every month.