Rebecca - HT
New Member
Need some advice.
Our condo is very well run, but our condo fees are going up. 7% for next year. Most of that cost is for hydro and the reserve fund. Will be 9 years old next year, but it is a well maintained building.
I'm concerned that my fees will be too high to entice someone to buy my condo over the next few years. Getting close to $700 for an 1,050 square foot condo, two bed, bath, den and grass and stone patio in the west. Includes hydro, but we have very few amenities, a basic party room and gym. I know our condo itself will be appealing with the indoor and outdoor space, but the fees not so much.
Contemplating renovations but not sure whether we should put any money into it, just sell and move elsewhere (closer to downtown). Of course that means letting go of our nicely-sized abode for something smaller, but with less fees.
When are condo fees too high?
Our condo is very well run, but our condo fees are going up. 7% for next year. Most of that cost is for hydro and the reserve fund. Will be 9 years old next year, but it is a well maintained building.
I'm concerned that my fees will be too high to entice someone to buy my condo over the next few years. Getting close to $700 for an 1,050 square foot condo, two bed, bath, den and grass and stone patio in the west. Includes hydro, but we have very few amenities, a basic party room and gym. I know our condo itself will be appealing with the indoor and outdoor space, but the fees not so much.
Contemplating renovations but not sure whether we should put any money into it, just sell and move elsewhere (closer to downtown). Of course that means letting go of our nicely-sized abode for something smaller, but with less fees.
When are condo fees too high?