Condo Maintenance Fees Free Up Time To Enjoy Life

By Gary Bensky

The incredible popularity of new condominium residences across the GTA during the past few years is a multi-faceted phenomenon. Attainable entry prices, proximity to local amenities and tremendous choice are among the reasons why new home buyers are choosing condominiums. Another huge factor is the carefree aspect of having common elements cared for, which frees up leisure time for residents rather than eating it up with exterior chores. Enter the maintenance fee – an often misunderstood reality of condo life.

When considered in perspective, condominium maintenance fees are a lifestyle bargain. They cover items that you would likely have to pay for anyway to have the same niceties in a low-rise home. Every condominium set-up is different, depending on the community, but in all cases, maintenance fees ensure that the money is there to mow lawns, clear snow, take care of landscaping, etc. A portion of the fees you pay go toward the “reserve fund,” which is in essence a savings plan to handle repairs and upkeep in the future.

Disbursement of the maintenance fees and the contracting of maintenance/repair services are the responsibilities of the condominium board of directors. Elected by fellow residents, this group makes sure that the shared areas of the community are well cared for. This is an ideal situation, as everyone on the board has the best interests of all residents at heart. 

Maintenance fees vary widely in the condominium world. In high-rises, they may cover amenities such as pools, gyms, party rooms, media lounges, guest suites, rooftop terraces, exterior landscaping and the like. Today, new home shoppers also have the choice of low-rise homes and townhomes with a condominium component. Usually, this covers lawn mowing, landscaping and road maintenance.

An example is Wycliffe’s Fairground Lofts in Old Woodbridge Village. Our urban town lofts there surround a landscaped courtyard. Maintenance fees are relatively low because the community amenities are basic. Having the common areas and building exterior looked after brings with it the benefit of protecting your investment by ensuring the community looks beautiful for years to come. In turn, this has a huge impact on your resale value. And of course, there’s that time-saving element. Life is so hectic these days that “free time” is becoming extinct. The peace-of-mind that comes along with having maintenance handled by professionals is priceless.

The point is, rather than shy away from a community where maintenance fees are part of the deal, keep an open mind. There may, for example, be guidelines as to exterior alterations residents can make, which can protect you from having a neighbour with a bright purple front door.

Ask the sales representatives exactly what the fees cover. Take a good look at what you would pay to have those services provided to you in a freehold home, then weigh the value of your time against the fees.

Remember, all buildings and grounds experience wear and tear over time. Having them cared for by professionals so that you can focus more on family and fun when you’re home can be well worth the expense of maintenance fees.

Gary Bensky is President of Wycliffe Homes, which has been creating superb homes for families in Southern Ontario for more than 60 years.