Quote:
Originally Posted by rousseau
I know it's probably somewhat irrational, but I can't help but find condo fees of $500 or more per month daunting and prohibitive. Once there was this one really terrific condo in an old mansion in Hamilton on the market that had fees of $1,100 per month. Per month! With no gym or pool or anything like that, just some nice gardens. And a 150-year-old building requiring upkeep.
It just feels like six, eight or ten thousand dollars per year burned into the ether. At least with stuff you do on your house you are witness to an immediate and tangible benefit. Some years you buy a furnace, some years you replace 40-year-old front and side porches that are falling apart ($20,000+ for us last year), and some years you do some exterior painting, but I have never sat down with a calculator to tally up twelve years' worth of repair costs because...I don't really care about knowing the exact figure.
We're happy with where we live. The intangibles outweigh the accounts. Though I do know we haven't spent anywhere near the equivalent of 12 years of condo fees x $8,000 = $96,000.
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$1,100 for condo fees is exorbitant. And in Hamilton, to boot! At that price, I'd just buy a home and put aside a substantial budget to cover anything that might happen to the house. I pay $300 a month in condo fees but, then again, I also live in a city where owning a property without having to pay condo fees is financially impossible for me. Whether I like the convenience of condo fees, or not, it's sort of a forced choice.
Yes, many of those home improvements you'd have to make offer tangible benefits if you plan to sell. A new furnace or a lovely porch is probably worth the investment. Then again, spending tens of thousands because your foundation is cracked and your house is sinking? Well, that's something you would have been obligated to fix out of your own pocket and it offers no benefits upon resale. I know someone who went through that recently.