Condo Fees Explained

Demystifying these often misunderstood costs

Misconceptions

Condominium fees have been one of the least understood components of the modern real estate era.  There are numerous misconceptions regarding how fees are determined, where the money goes, and that condo living is more expensive than living in a single family or townhome.  After more than 30 years of condominium sales and residency, I can assure you – it is not.  In fact, in the long run, it is likely that you will spend more annually maintaining a single family home than paying for all of those condo fees. And the best part – not only is it less expensive, it allows you the freedom to do more (than just take care of your house).

Let’s look at the real cost of home ownership.

When living in a condo, there is no need for the following expenses

Lawn Care

Between weekly to monthly cuts, landscaping (including pruning, replacing mulch, spring and fall cleanup), and the necessary snow removal, non-condo homeowners are looking at an additional $100 – $300 per month.

Master Insurance Policy

For all of the condominium developments listed on our InnerHarborCondos.com website, this insurance policy covers the building, should any emergency arise.  Condo owners are encouraged to carry an H06 insurance policy (for condos) which covers personal belongings and liability.

Maintenance & Repairs

According to US News and World Reports – homeowners will spend between 1% and 4% of your home’s value each year on gutter cleaning, caulking, driveway repair, painting, siding repair, brick and mortar repair, pest control, and roofing among other repairs.

Reserve Funds

Each month, condo associations collect a portion of the monthly fee that goes toward the association’s reserve funds and are held until needed.  It is not uncommon to have hundreds of thousands of dollars, even well over a million dollars in reserves, just for unforeseen emergencies.

Condo buildings often include utilities
and are offered at a discount, as they are purchased in bulk

Basic Amenities Also Include

Best Security System

Security
Have a security system?  That’s another $20 or more a month in monitoring fees that are no longer needed.  Many of the condos in Baltimore offer 24/7 security.

Best Parking System

Parking
Many Baltimore condominiums offer on-site assigned parking for one or multiple vehicles, and some even include secure and valet parking for residents and guests.

Storage
Many condos offer separate storage areas in various locations within the building, so you don’t need to worry about purchasing an additional unit for your belongings.

Check out all Baltimore condos
to see what services each building provides

Luxury Amenities

Many Baltimore condominiums offer high-end amenities and services for your convenience and entertainment. For non-condo homeowners, taking part in these lavish condo facilities and opportunities would come at an additional cost. As a condo owner, you have the opportunity to indulge yourself in these comforts for free if it is offered in the condo complex.

Valet Parking

Billiards Room

Theater

Fitness Center

Pool

Room Service

Resident Lounge

Library

Hotel Amenities

Cleaning Staff

Doorman

24/7 Front Desk

Luxury Amenities

Many Baltimore condominiums offer high-end amenities and services for your convenience and entertainment. For non-condo homeowners, taking part in these lavish condo facilities and opportunities would come at an additional cost. As a condo owner, you have the opportunity to indulge yourself in these comforts for free if it is offered in the condo complex.