Every Buyer and Seller wants to know one thing…
What do I get for those super high %&%#)@$
I get it…everyone thinks condo fees are always higher than they should be and many folks are unclear about where their condo dollars go:
1) Master Insurance Policy – Depending on the size of your building, this cost alone can account for up to 50% of your condo fees. More spread out over larger buildings but still a huge proportion of your monthly fees.
2) Building Amenities- Pool, parking, elevators, doormen and any utilities that may be included in your Philadelphia condo fees like water & sewer, or maybe heat and central air. Unless of course elevators run on magic pixie dust- you are going to have to pay to keep them running smoothly and safely. 2401 Pennsylvania Ave. (The Philadelphian) is a good example of an all-inclusive building where almost all amenities are covered in your condo fees.
3) Upkeep and Maintenance- Of course this is the one factor that varies greatly and plays an integral part of your resale ability and resale price. You gotta’ pay to play folks- and value retention and upkeep of your common areas go hand in hand. There is no avoiding that equation.
IF YOU OWNED A SINGLE FAMILY HOME- YOU WOULD HAVE TO PAY THESE EXPENSES OUT OF YOUR OWN POCKET. THERE ARE SUCH THINGS AS
“SINGLE FAMILY HOUSE” FEES IN THIS WORLD
and buyers should know that!