What are maintenance fees?
Maintenance fees are also known as condo fees or townhouse fees. The fee covers expenditures and reserve funds. The fee is usually predetermined by the builders/developers. Generally, the fee is calculated from the size of an owners unit (per square feet), parking space, locker, and the services and amenities provided. It is an allocated percentage for the common expenses that is shared amongst the owners in the building.
A certain percentage of the money is set aside as part of a contingency fee, which must be maintained by law. It covers special costs incurred as part of the building upkeep, cover repairs, or be used for new equipment.
Each building might have different services and amenities. When considering between condominiums, consider what features are worth it to you, or whether your budget can handle paying for separate things that are not included.