Condominium Fee

AAA

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.

INVESTOPEDIA EXPLAINS '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. Homeowners Association Fee - HOA ...

    An amount of money that must be paid monthly by owners of certain ...
  2. Property Rights

    Laws created by governments in regards to how individuals can ...
  3. Condominium

    A large property complex that is divided into individual units ...
  4. Landlord

    A real estate owner who rents or leases land or a building to ...
  5. Emergency Fund

    An account that is used to set aside funds to be used in an emergency, ...
  6. Reserve Fund

    An account set aside by an individual or business to meet any ...
Related Articles
  1. Retirement

    Does Condo Life Suit You?

    Association fees and disputes with neighbors could spoil your move if you're unprepared.
  2. Home & Auto

    Tips For The Prospective Landlord

    Investing in rental property can generate serious income, but there's more to it than collecting rent.
  3. Home & Auto

    Condo Complications: The Issues Behind Ownership

    Being a "condo person" is just one of the issues you'll have to examine when deciding if a condo is right for you.
  4. Home & Auto

    An Introduction To Buying A Condominium

    This real estate investment provides unique advantages - and challenges.
  5. Home & Auto

    What is the difference between capitalization rate and rent?

    Find out the difference between capitalization rate and rent and why they are so important to making wise investments.
  6. Home & Auto

    Can real estate agents help renters find rental property?

    Real estate agents offer renters a true advantage when searching for a new home as well as negotiating power when signing a lease.
  7. Home & Auto

    4 Overlooked Homeownership Costs

    Mortgage payments aren't the only expense. Find what else you'll be on the hook for.
  8. Retirement

    Downsize Your Home To Downsize Expenses

    Learn how to cut your mortgage, tax, gas and utilities bills.
  9. Insurance

    Have The Right Condo Insurance?

    How well does your condo's master-insurance policy protect you? Here's why you'll probably need separate insurance for your own unit and possessions.
  10. Home & Auto

    9 Things You Need To Know About Homeowners' Associations

    Restrictive rules and high fees are just some of the things to watch out for before joining an HOA.

You May Also Like

Hot Definitions
  1. Prospectus

    A formal legal document, which is required by and filed with the Securities and Exchange Commission, that provides details ...
  2. Treasury Bond - T-Bond

    A marketable, fixed-interest U.S. government debt security with a maturity of more than 10 years. Treasury bonds make interest ...
  3. Weight Of Ice, Snow Or Sleet Insurance

    Financial protection against damage caused to property by winter weather specifically, damage caused if a roof caves in because ...
  4. Weather Insurance

    A type of protection against a financial loss that may be incurred because of rain, snow, storms, wind, fog, undesirable ...
  5. Portfolio Turnover

    A measure of how frequently assets within a fund are bought and sold by the managers. Portfolio turnover is calculated by ...
  6. Commercial Paper

    An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories ...
Trading Center