Condo Management Fees You Can Expect in Calgary
At Catalyst Condo Management, we must be open and honest about all sides of our business. This includes the fees involved for the many services we provide.
Fees are an essential aspect of choosing a condo management company that is right for you. Like most people, you will want to know that your hard-earned money is being spent wisely.
Today, we will review the basics of condo management fees. This includes average fees for the city of Calgary, and how Catalyst strives to be fair about these fees. We would also like to cover some other important information you should know about.
What are Condo Fees?
Condo management fees are payments made by owners to the homeowner’s association or corporation.
These fees are often based on the size and type of the condo unit. It also accounts for the shared amenities and facilities the complex provides. The amount of the condo management fees can vary widely, depending on the following:
- Location
- Age
- Size of the condo complex
- Level of services and amenities offered
Condo management fees are typically paid monthly or quarterly by the condo owners. The fees are important to consider when budgeting.
What Do Condominium Fees Typically Cover?
The fees are used to cover the costs of various services and expenses, including:
Property Maintenance
Condo property maintenance is the regular upkeep of shared areas and facilities. Also, any shared components of individual units.
This may include:
- Cleaning common areas
- Landscaping
- Snow removal
- Repairs to building exteriors and roofs
- Maintenance of elevators and shared equipment
- and upkeep of shared amenities such as swimming pools and fitness centers.
Repairs
Condo repairs refer to any necessary fixes or replacements to individual condo units. This is also the case for shared areas within a condominium complex.
Repairs may be required due to normal wear and tear, building age, or construction issues.
Common condo repairs may include:
- Fixing leaks
- Repairing or replacing HVAC systems
- Upgrading electrical or plumbing systems
- Replacing appliances or fixtures
- Repairing or replacing building exteriors or roofs
- and repairing or replacing shared equipment or amenities
Landscaping
Condo landscaping refers to designing and maintaining outdoor spaces within a condominium complex. This includes common areas and individual unit spaces.
This may include tasks such as:
- Planting trees, shrubs, and flowers
- Installing irrigation systems
- Laying sod or other types of grass
- and maintaining outdoor lighting, walkways, and other hardscaping elements
The goal of condo landscaping is to create attractive outdoor spaces. They enhance residents’ quality of life and improve curb appeal.
Snow Removal
Condo snow removal is the process of clearing snow and ice from common areas. This includes parking lots and sidewalks.
It is funded through condo management fees paid by individual unit owners.
This is done to ensure accessible outdoor spaces for residents during the winter. The process may involve:
- Plowing
- Shovelling
- Salting
- or sanding;
Security
Condo security refers to the measures put in place to ensure the safety and protection of residents and their property.
This may include physical security measures such as:
- Secure entrances
- Surveillance cameras
- Security guards
- and policies and procedures related to key management, visitor access, and emergency response
The goal of condo security is to create a safe and secure living environment for residents.
Building Insurance
Condo building insurance is a policy that provides coverage for a condominium complex. The insurance policy is typically purchased by the condominium corporation or homeowner’s association.
It is funded through condo management fees paid by individual unit owners.
The coverage provided by condo building insurance may vary depending on the policy. It typically includes protection against damage from:
- Natural disasters
- Fires
- and other hazards
Condo building insurance does not cover individual units. Those require separate insurance policies purchased by individual owners.
Management Fees
Condo management fees are the monthly fees paid by individual unit owners in a condominium complex. They cover the cost of operating and maintaining the shared components of the building and the common areas.
These fees typically cover expenses such as:
- Building maintenance
- Landscaping
- Snow removal
- Utilities
- Insurance
- and staff members’ salaries, such as property managers and maintenance personnel
The amount of the condo management fees vary depending on factors such as the size and age of the building. This also includes the number of units, and the level of services and amenities provided.
Why Do Condo Fees Increase Over Time?
Condo fees can increase over time due to various factors, including:
- Inflation
- Rising costs of utilities
- Services
- and the need for major repairs or replacements of shared components of the building
We try our best to inform you when a fee will increase, and we try our best to increase costs only when necessary.
Inflation is a common reason for condo fee increases. The cost of goods and services tends to rise over time due to inflation. This means that the cost of maintaining and operating the building will also increase.
Rising costs of utilities and services can also contribute to higher condo fees.
For example, suppose the cost of water or electricity increases. In that case, this will result in higher expenses. They may need to be passed on to unit owners through increased fees.
The need for major repairs of shared components of the building can also lead to higher condo fees.
These projects can be expensive and may require significant contributions from unit owners. This may be through increased fees or special assessments.
Condo fees are subject to change based on a variety of factors. Unit owners should be prepared for the possibility of increases over time.
Catalyst Condo Management Has Your Back When it Comes to Condo Management Fees
Don’t stress too much about the fees that will be included in your condo management. Our customer service team is with you throughout the whole process. This is so that you know exactly what you are getting with your money.
Looking for efficient condo management? Call Catalyst Condo Management today!