Definition
Monthly charges to cover the condo association's costs for building maintenance, insurance, utilities, and management. These fees are mandatory and often increase annually.
Where you’ll meet it
What should I check in the unit that a house buyer wouldn't?
See it in Buying a condo or townhome · Step 3About this term
Condo fees cover costs of maintaining the shared building, systems, and common areas. Fees are typically higher than HOA fees in single-family communities because associations maintain building structure. Fees can increase annually and are mandatory. High or rapidly-increasing fees reduce property value.
Pro Tip
Budget these carefully. Condo fees often rise 5-10% yearly and are non-negotiable—the building needs maintenance to survive.
Example
A condo owner pays $350/month in fees for building insurance, maintenance, utilities for common areas, and management