A look at what is typically covered by condominium fees.
Each Condominium Association has a different structure for how they price out their condominium fees or dues. It's important to read your Master Deed, available in your Owner's Portal, to understand what your specific condominium fees include.
As a point of reference, the below are things commonly included within condominium fees. As with many fees or dues, condominium fees are generally subject to increase year over year to account for increased services, construction projects, and inflation.
Services Generally Included in Condominium Fees
- Shared utilities like water and sewer
- Master insurance for the entire building
- Property management
- Common area building repairs
- Common area landscaping
- Common area snow removal
- General maintenance expenses of areas such as parking garages and lots, exercise facilities, elevators, lobbies, common area patios, and shared indoor/outdoor amenity spaces.
What Does Management Do?
CHARLESGATE is the managing agent for your Association and is responsible for facilitating the financial and physical management of the Association, as well as advising the Board of Trustees, governance, and day-to-day operations.
What Do The Trustees Do?
The Board of Trustees is responsible for setting policy and Association decisions. CHARLESGATE guides the Trustees and executes on Trustee decisions. The Condominium's Board of Trustees and CHARLESGATE act in good faith, and to the best of their respective abilities, to make decisions that are in the best interest of the Association.
Reserve Funds
While condominium fees are used to pay for regular maintenance, reserved funds are used to handle any unexpected maintenance projects or capital improvement projects. Reserve funds are essential to a smooth-running association and the longevity of the property!
Special Assessments
When an association does not have the funds available for a necessary building expense, a special assessment may be imposed by an Association. A special assessment is used to raise additional funds over and above the yearly budget for special projects such as a new roof, common area improvements, and the like.
Are Condo Fees Negotiable?
Condo fees are not negotiable. Every year, the Condominium Association meets to go over any projects and expenses and the projected budget for the upcoming year. At that time, any changes in condo fees are reviewed and finalized.