In recent years, many have turned to condo-living for the travel, lifestyle, and financial benefits it entails. Whether you’re looking for a home for your growing family, a cozy place to retire, or a home-base that allows you to travel worry-free year-round, condo-living — and in particular, the maintenance-free lifestyle — has something to offer you.
Today, we thought we’d take the time to explain how condo-fees work! To discover NewRock Communities being built near you, visit our Communities Page.
As every condo community functions a little differently, you should always check with the developer you’re buying from — or, if the project is completed, the condo board itself — as to exactly what your fees will cover. However, if you buy from NewRock, you can expect to pay anywhere from the $130 to $220 in monthly fees, and receive the following services in return:
That means that every morning you’ll wake up to either a mowed lawn or a snowless side-walk. And, should a piece of your siding need repair, it’ll be taken care of — all at no extra cost to you!
If you decide to buy brand-new, you’ll most likely pay a monthly price that was initially determined by the developer. At NewRock, we estimate what we think is an ideal price-point for owners, set the monthly fees at that, and once the community has reached half-occupancy, help create the condo board.
The condo board is an organization of homeowners that makes decisions entirely independently of the developer that built the community. The idea is to leave the direction of the community — and the collection and allocation of funds — in the hands of the people who know the neighbourhood best: the homeowners!
From the time the condo board is up-and-running, you and your fellow homeowners will have full discretion over the cost and applications of your monthly fees. Determining which property management group will take care of the community, how to manage the reserve fund, and what sorts of things to prioritize — these are the types of concerns which the condo board will discuss and decide on at their meetings.
Condo fees rise for the same reason that older detached homes often come with unexpected costs: with age can come repairs or the need to replace things. Fortunately, you can expect your condo fees to go up at a slow and predictable pace — especially if you buy a home built on a commitment to Care & Quality. And when they do eventually go up, you can expect these price increases to directly benefit you — to pay for the improvement and restoration of your home and community.
Plus, if you’re active in the condo board, you’ll know exactly why your fees have gone up. As we mentioned, one of the primary benefits of condo-living lies in the fact that you and your fellow homeowners have the ability to plan and manage your own community.
No matter your age, wage, or lifestyle, we’re confident that condo-living will improve your experience of homeownership. To discover just a few of the reasons condos are rising in popularity among Canadians from different walks of life, check out this article. To find exceptional homes being built near you, visit our Communities Page!
And while you’re here, be sure to watch the video below to hear what Tino & Yvonne — two homeowners at the now sold-out Southlands Gate in Medicine Hat — had to say about their home and the lifestyle it enables.