Condo Pro: Maintaining A Carefree Condo Lifestyle

By Barbara Lawlor

I love writing about the benefits of condominium living. Today’s gorgeous landscaped residences have outstanding architecture, amazing amenities and superb finishes - and you can find them in fabulous locations all over the Greater Toronto Area. People continue to snap up suites so they can live the carefree condo lifestyle without the responsibility of exterior maintenance, repair and upkeep. Condominium maintenance fees enable suite owners to enjoy these privileges now and in the future.

People often misunderstand the value they get for their maintenance fee dollars. The monthly payments you make are critical to ensuring that your quality of life remains high, with exterior and interior elements kept looking beautiful and in good repair. And to be fair, consider what you would have to spend to receive the same service in a low-rise home. For example, most condominiums today offer 24/7 concierge service, and these professionals have to be paid. Those who choose to add a security system to their low-rise home pay a monthly fee for monitoring.

It’s a matter of perspective. In a low-rise home, chores such as mowing the lawn, weeding the garden and washing the outside windows have to be done by someone, and hiring professionals is an expense. In other words, some of your condominium maintenance fees provide for items you would have to find the money for anyway.

A substantial percentage covers utilities such as hydro, gas and water, which you would pay for separately in a low-rise home. And nowadays, many condos provide individual hydro and water metering per suite, which means that buyers pay only for what they use.

Of course, one of the very best lifestyle aspects of condo living is having beautiful amenities right under your roof. And maintenance fees ensure that they are kept clean and well functioning. Remember, too, that the ongoing cleaning and maintenance of things like elevators, the lobby and hallways is covered by your fees. Plus, a portion goes toward the “reserve fund,” which is administered by the condominium board. This special fund ensures that essential services can be paid for in the future should unexpected problems arise after Tarion Warranty coverage is over.

All of this protects your real estate investment. We occasionally hear from potential purchasers that they don’t want to pay maintenance fees supporting an amenity they have no interest in -sometimes the swimming pool. In fact, the costs to maintain and service a pool are a minor portion of the annual condominium budget. I urge you to think of this scenario in three ways. First, your guests may enjoy using the pool. Second, the fact that the building has a pool may enhance the future resale value of your suite. And third, once you move in and see how lovely and inviting the amenities are, you may find that you use them all. Amenities are extensions of your living space - stunning areas where neighbours and friends can gather without ever leaving the building.

So when you see the cumulative figure for your maintenance fees, realize that you get a lot for your money. In the end, it’s so worth it to afford you luxury and convenience. The time you would spend weeding the garden, raking leaves, shoveling snow and the like can be spent instead doing some laps in the pool, catching the big game in the theatre, playing virtual golf, soaking in the whirlpool, challenging friends to a game of pool, barbecuing on the terrace, hosting a gala in the party room, or engaging in any of the other activities available under your very own roof.

Barbara Lawlor is president of Baker Real Estate Incorporated and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas. Keep current with The Baker Blog at blog.bakerrealestate.com