Quote:
Originally Posted by Skyway
I am not sure it costs more to live in a condo when you factor in all the expenses. You pay for what you get and there is a wide variety of condo fee price ranges. For replacements, you receive volume discounts with a condo compared to a single owner home.
However, you're right its more of a lifestyle love it or hate it.
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It just depends there is typically a fair bit of overhead to managing condos, although there is a fair benefit to not having to lift a finger on things outside your personal box.
As to condo fee prices ranges, developers know the fees tend to scare people away. Developers tend to do a few things about this.
1) One is underestimate the budget. They have to cover the difference the first year - after that the owners are left to absorb a fee increase that is often around 25-30% (with great variability)
2) The other thing they are doing minimizing expenses by limiting the common areas, have little to no grass and landscaping, and less services like supers. Unfortunately, as is the case in this discussion there is no free lunch - you do get what you pay for and while leaving out landscaping or outdoor lawns might not make a big difference, some loss of services like on site supers do sometimes come at a heavy price, in this case water damage.
The biggest change I would like to see to new condos would be a rule where the condo cooperation must be registered before anyone can move in. This way occupancy and closing would occur on the same day - like with houses. This would protect owners from paying interest and give them control over their home.
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