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. Single Entity Coverage

    A type of insurance policy that covers all real property in a ...
  3. Bare Walls 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. All-In Coverage

    A type of insurance coverage that applies to communally used ...
  6. Reserve Fund

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

    An Introduction To Buying A Condominium

    This real estate investment provides unique advantages - and challenges.
  2. Managing Wealth

    Tips on Buying a Beach Condo in California

    Few properties can top a beach condo in California, and analyzing the condo's ins and outs is the best way to ensure you get the most bang for your buck.
  3. Managing Wealth

    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 ...
  4. Investing

    8 Investing Fees That You Should Never Pay

    In investment management and financial planning there are a plethora of fees that are unnecessary.
RELATED FAQS
  1. What kinds of fees are involved in futures trading?

    Learn what the various costs are that are charged by brokerage firms and trading exchanges to individual futures trading ... Read Answer >>
Hot Definitions
  1. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  2. Portfolio Investment

    A holding of an asset in a portfolio. A portfolio investment is made with the expectation of earning a return on it. This ...
  3. Treynor Ratio

    A ratio developed by Jack Treynor that measures returns earned in excess of that which could have been earned on a riskless ...
  4. Buyback

    The repurchase of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies ...
  5. Tax Refund

    A tax refund is a refund on taxes paid to an individual or household when the actual tax liability is less than the amount ...
  6. Gross Domestic Product - GDP

    The monetary value of all the finished goods and services produced within a country's borders in a specific time period, ...
Trading Center