Calgary Condo Management - Where Do Condo Fees Go
Channel: mtnparkrealestate
Date: 09/02/2012

http://mtnpark.ca/calgary-condo-management.html

Hi, this is Warren Phipps with Mountain Park Real Estate. Many people are unclear as to where their condo fees go, so I'm here to break it down for you.

Tip 1: Operating the condo corporation (bills, maintenance, etc.)

The number one place your condo fees go is toward operating your condominium corporation. There are bills that have to be paid. There is maintenance, lawn care,  snow removal and those types of things. As the condo fees come in, a large portion of them are used to maintain the building on a day-to-day basis.

Tip 2: Adding to the reserve fund

The second place your condominium fees go is the reserve fund. It is required by law that every condominium corporation has a reserve fund. The money in the reserve fund is set aside to cover upcoming expenses, maintenance, and things that need to be done to the building to keep it looking as good as possible for everyone living there. A portion of the condo fees are added to the reserve fund and that reserve fund grows over time. 

Tip 3: Usually 10% or less of the condo fees go to the management company 

Only a portion of condo fees go to the condominium management company. A condominium manager is put in place to oversee the building's operations: to do the accounting, to make sure the bills get paid, and to make sure that service people are working and doing a good job. 

Only 10% or less of your condo fee goes to the management company. Typically it's twenty to thirty dollars per door. Many people believe that the management company handles 100% of the fees, but they actually just take a small portion of the total to make sure your condominium corporation is running properly.

For more information about Calgary condominium management, please contact us at Mountain Park Real Estate, Your Calgary Condominium Management Company.

403.984.4404
www.mtnpark.ca