Do condo fees hurt resale value?
One of the first things a buyer will ask about when looking at condos are the maintenance fees. There are no fixed monthly costs when living in a home. At least not any as high as condo fees, so this is something to consider because it could hurt the resale value of your home.
This is also personal choice. If your condo has extraordinary amenities then this could appeal to some people and to them the condo fees will be well worth it. For someone else, these added features are unnecessary so the mortgage plus the maintenance fees may not be worth it to them. Location is also key. If you are living in a top spot and your condo is in a trendy neighbourhood, then the condo fees should in no way hurt the resale value.
Most condos charge at least $200 extra a month in maintenance fees. Any buyer will consider this when looking at condos and will add it on to what they can afford as a monthly payment for owning a home. Buyers will most likely deduct these fees from their monthly mortgage budget, which means there overall budget will decrease. This is something to consider if you ever decide to sell your condo. But again, if your home is in a great location and the amenities more than make up for the fees, then they shouldn’t hurt the resale value.
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