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The condo association will collect these fees for the maintenance/repair fund for the common areas of the condo.
Fees cover a variety of things including housekeeping of common areas/hallways, utilities in common areas, and even yard work.
In some cases, these fees will pay for some- if not all- of the owner’s utilities.
Fees are also typically used to cover the insurance on the building which covers damage to the structure/exterior of the building.
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Owners and potential owners of a Lake Grande condo must take some time to understand the difference between fees and assessments.
In addition to the purchase price of buying a condo, an owner will also be required to pay fees and assessments from time to time. However, once you understand the purposes of these, you can take some steps to reduce your risk.
First of all, you must know that fees are a normal part of condo life.
Fees are typically paid on a set schedule such as quarterly or monthly.
Assessments are used by the association to cover major repairs or other incidentals.
If the roof sustains damage and needs repair, the association will most likely place an assessment on all of the owners in the building so that everyone shares the cost of replacing it.