Condominium Fee

DEFINITION of 'Condominium Fee'

A maintenance fee charged by a condominium complex to cover the cost of repairs, landscaping, concierges, or amenities such as a gym or a pool. The condominium fee can be pegged to the size of the unit and what the development expects its expenses to be for the year. If expenses are expected to rise, so too will the condominium fees.

BREAKING DOWN 'Condominium Fee'

Condominium fees are often one of the larger hidden fees that condo buyers neglect to fully take into account. Even if you own the condo outright you may still have to pay condominium fees in perpetuity. If the condo development does not have a reserve fund set aside for emergency repairs you may also wind up being hit with a special assessment fee.

RELATED TERMS
  1. Condominium

    A large property complex that is divided into individual units ...
  2. Bare Walls Coverage

    A type of insurance coverage that applies to communally used ...
  3. All-In Coverage

    A type of insurance coverage that applies to communally used ...
  4. Limited Common Elements

    Elements of condominium living units that are assigned to specific ...
  5. Homeowners Association Fee - HOA ...

    An amount of money that must be paid monthly by owners of certain ...
  6. Service Charge

    A type of fee charged to cover services related to the primary ...
Related Articles
  1. Home & Auto

    4 Money Misconceptions About Condominiums

    Condo fees and special assessments scare many owners away from condo ownership, but is this fear justified?
  2. Home & Auto

    Condo-Buying Walkthrough: Reasons To Buy A Condo

    Many features of condominium ownership are attractive to people exploring different options when it comes to the purchase of real estate. AmenitiesCondominium developments often provide access ...
  3. Home & Auto

    The Complete Guide To Buying A Condo

    A step by step look at everything you need to know about purchasing a condo.
  4. Home & Auto

    Condo-Buying Walkthrough: Condo Characteristics

    Condominium ownership is considered a hybrid form of ownership because it falls outside traditional structures of property ownership. Certain legal and technical characteristics help define condominium ...
  5. Home & Auto

    Condo-Buying Walkthrough: Finding Good Deals On Condos

    Like the purchase of any type of real estate, most condominium unit buyers will be interested in finding a good deal. Buyers can use certain tactics, and might have to make certain comprises, ...
  6. Budgeting

    Beach Property in California: The Pros & Cons

    Learn the pros and cons of buying a beach condo in California, and how to protect yourself from common pitfalls many condominium buyers experience.
  7. Investing Basics

    Pros & Cons of Investing in a Condo with Friends

    Buying a beach house or big-city pied-à-terre with friends can save money and make sense, but only if you set it up right. Here's how to avoid trouble. thoroughly research and discuss potential ...
  8. Investing Basics

    Are Fees Eating Up Your Nest Egg?

    You may not be able to avoid all fees associated with retirement planning, but you should know what you’re being charged for. Here's a list of common fees.
  9. Budgeting

    Vacation Property Walkthrough: Maintaining A Vacation Home

    Since the owner will be absent some (or most) of the time, it is important to make plans to take care of the property. If the vacation property is a condominium unit, the maintenance responsibilities ...
  10. Retirement

    Are Fees Depleting Your Retirement Savings?  

    Each retirement account will have a fee associated with it. The key is to lower these fees as much as possible to maximize your return.
RELATED FAQS
  1. Where do I look for fees that I am charged on investments? What are those fees called?

    The fees and expenses charged for investments vary. The fees usually depend on the type of investment and the investment ... Read Answer >>
  2. Can FHA loans be used for condos?

    Learn about Federal Housing Administration (FHA) loans and how individuals can use them to buy condos on the FHA-approved ... Read Answer >>
  3. How do mutual fund expense ratios affect returns?

    Learn what kinds of mutual fund fees there are, how to find out what fees your funds have and how they impact the future ... Read Answer >>
  4. What are the best ways to lower my investing fees?

    Lower your investing fees by buying index funds or ETFs, choosing the right mutual fund share class, evaluating breakpoints ... Read Answer >>
  5. What is considered a reasonable 12b-1 fee?

    Learn what is generally considered to be a reasonable 12b-1 fee, what these fees are charged for and how these fees are regulated. Read Answer >>
  6. Why is a mutual fund's expense ratio important to investors?

    Understand the nature of mutual fund expense ratios, and learn why it is critically important for investors to be aware of ... Read Answer >>
Hot Definitions
  1. Demand Curve

    The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity ...
  2. Goldilocks Economy

    An economy that is not so hot that it causes inflation, and not so cold that it causes a recession. This term is used to ...
  3. White Squire

    Very similar to a "white knight", but instead of purchasing a majority interest, the squire purchases a lesser interest in ...
  4. MACD Technical Indicator

    Moving Average Convergence Divergence (or MACD) is a trend-following momentum indicator that shows the relationship between ...
  5. Over-The-Counter - OTC

    Over-The-Counter (or OTC) is a security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, ...
  6. Quarter - Q1, Q2, Q3, Q4

    A three-month period on a financial calendar that acts as a basis for the reporting of earnings and the paying of dividends.
Trading Center