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As the spring real estate season quickly approaches, you might be thinking of jumping on the chance to buy a condo, but watch out, there are hidden costs associated with maintenance fees.
Condos.ca recently released a study gathering data from every single condominium sold in the Greater Toronto Area over the past five years.
While the study reiterated the widespread knowledge that condo maintenance fees usually go up with more amenities–including pools and saunas–parking could become a murky spot when purchasing a condo.
While many condos now require purchasers to shell out upwards of $50,000 for a parking spot, many condo buildings are also charging anywhere from $43-$148 a month in maintenance for warm and heated lots.
Another condo-fee myth debunked by the study is that older condos don’t necessarily mean you’ll be paying more in fees.
“Many older condominiums actually include utilities such as water, hydro, heat and sometimes even cable,” Sandra Rinomato, owner of Sandra Rinomato Realty tells BNN.
And while newer condos actually do have smaller fees, you get what you pay for – less square footage.
“With condos becoming smaller and smaller, common elements are actually getting valuable to the average condo dweller,” says Rinomato.
Rinomato says paying less than 50 cents per square feet for maintenance fee is a good benchmark if you wish to control your maintenance fee costs.
The average paid in the Greater Toronto Area is 59 cents per square foot, according to the study.