The most common ongoing expenses for a house owner are:
- Mortgage Payments: If you’ve taken out a mortgage, there will be mortgage payments.
- Property Taxes: The city assesses each unit individually for this yearly tax.
- Maintenance Expenses: Repairs and upkeep of the property.
- Home Insurance Premiums: Payments for the insurance of the property and belongings.
- Utility costs: Such as hydro, water, heat, garbage, sewage.
The most common ongoing expenses for a condo unit owner are:
- Mortgage Payments: If you’ve taken out a mortgage, there will be mortgage payments.
- Property Taxes: The city assesses each unit individually for this yearly tax.
- Maintenance Fees: These monthly fees cover the costs of the common elements of the condominium. The maintenance fee covers maintenance and repair of the common elements, costs for services such as garbage collection, contribution to the reserve (emergency repair) fund, management costs to run the day-to-day operations, and property insurance for the common property.
- Special Assessment: If 75% or more of the condo unit owners approve, a special assessment can be levied to cover costs for special purposes such as a new swimming pool.
- Condo Owner Insurance: Your maintenance fees cover common element insurance. However, insurance is required for the interior of your unit as well.
- Utility costs: Your unit may be separately billed for utilities such as hydro, water, and heat.
- Repair and Maintenance of Unit: You will need to budget for ongoing maintenance and repair of the inside of your unit.
