If you live in a condominium, you pay a monthly fee to the property owner. Each entity has its own set of rules, but most associations offer specific coverages.
Typical Condo Fee Coverage
The condo association fee usually covers the costs of upkeep and insurance for the common areas of the building. This includes lobbies, patios, swimming pools and elevators. Sidewalks, lawns and parking lots are also maintained by the association. Exterior maintenance and repairs of roofs and siding are covered as well.
Many condo fees also cover some utilities, such as basic cable and internet, along with trash pickup, water and sewer.
The condo association sets the rules for owners, which may include:
- Parking policy – The association determines how many parking spaces each owner is allowed.
- Pets – If your condo allows them, there are likely strict rules. For example, pets must be kept on a leash outside and you must clean up after them.
- Disturbances – Unreasonably loud noises are prohibited to respect the peace of your neighbors.
- Recreation areas – Pools and play areas have specific times when they are accessible to residents.
- Vandalism – Strict rules prohibit vandalism and destruction of common area property.
The condo association gives residents the peace of mind knowing that many of their needs are covered. For the disabled and the elderly, this is especially comforting.