08-13-2024, 09:53 PM
(08-13-2024, 09:39 PM)jeffster Wrote: It seems that with condo-apartments you pay a lot more on condo fees than you would with a condo-townhome. I figured the one issue is water usage. There are folks out there that will have their 40 minute shower and baths filled to the brim because they get the water 'for free'. It is not. My friend was saying that water was the biggest expense (he was on the board) and was over $200/unit.
You would think that there could be a way to make owners pay for all of their own utilities.
That said, it doesn't seem worth it to buy a condo-apartment if your expenses will still exceed $800-$1,000/month based on taxes, condo fees and electric.
The condo fees really depend on (1) the cost of operating the building (maintenance, cleaning, insurance, snow removal, landscaping and utilities) and (2) reserve fund contributions. The first group you pay for even in a SFH, although some of it you might pay with your own personal labour. The second group is for future building repairs and maintenance; in a SFH you will still have those costs (new roof, new windows, new driveway etc) but you don't save for them in advance.
But take a look at what a roof costs and divide by 15; the cost of new windows divided by maybe 30; new air conditioner divided by maybe 20, and so on, a house is not maintenance-free, either.
We did the math before we moved into a condo (apartment) and have no regrets about it. And that's not even including the cost savings from going from two cars to one ...