Let’s compare….Monthly Condo Maintenance Cost Vs Home Ownership Costs
Everyday I show condos, the FIRST thing I hear is “I have to pay how much of a monthly maintenance fee?”
Well…all I can tell you is that some people just don’t get it. Let’s take a closer look at a typical community and what the maintenance fee would cover.
Below is a simple comparison of condo ownership versus single family home ownership monthly cost. It’s just and estimate so please don’t pick it apart.
Warren Damiano Premier Properties The Damiano Group can be reached at: 973-256-0303 x 204
I have managed 7 Condo Associations and been a full time Broker for over 40 years. I specialize in Condo and Townhouse sales and 55 plus communities.
Example…Let’s say the monthly maintenance fee for a community is $400 per month which is fairly typical. What does that typically cover?
- All exterior maintenance
- Lawn Care
- Snow removal
- Roof Replacement
- Driveway Replacement
- Damage from other units leaking
- Pool, Tennis Courts, playgrounds, clubs galore, 24 hour security (If supplied)
- $400 TOTAL MAINTENANCE PER MONTH
HOME OWNERSHIP COMPARISON
Now lets look at maintaining a home cost. Fact of the matter is you pay for these same items with a home just you don’t see it as a monthly cost.
Now please just keep in mind this is just an estimate.
- $140 – Lawn Care
- $ 30 – Snow removal
- $ 50 – Roof Replacement (20 year life @ $10,000)
- $ 50 – Driveway/Walkway misc. exterior repairs (20 year life @ $10,000)
- $ 30 – Alarm monitoring
- $ 25 – Pool Maintenance
- $ 25 – Gym Membership
- $ 75 – General Maintenance gutters/landscaping etc.
- $425 – TOTAL PER MONTH
As you can see the monthly maintenance fee is well worth the cost. No responsibilities, no upkeep other than the interior of your unit.
Condo ownership may be for some, but not for everyone.
But as you can see the monthly financial numbers are approximately the same, so don’t let the monthly maintenance fee let you sway your decision.