Tag: versus

Common areas and outdoor space are jointly owned by other owners in your building. You pay a monthly condo/maintenance fee, which can cover items such as heating, water, water, pest control, landscaping, building insurance, and various services. Part of this fee goes to a reserve fund to cover major repairs and improvements to the building,…

This should be placed in a reserve fund which will then accumulate naturally over the years so that large expenses are covered when they occur. Without a healthy reserve fund, you will come across the next point. Residents pay their condo charges to ensure the care and maintenance of common areas. Luxury apartments that are…