Are Condo Fees a Complete Waste of Money? 💵

Let's Compare Costs

Comparing ownership costs between a house and a condo of similar value.

Let's say $200,000 each, and the condo has a monthly condo fee of $275.00

Water Bill

Water is usually included in the condo fees, but will cost about $60/month for an average house

Savings for Condo owner - $60/mth

Home Insurance

Condo-owners only require condo-insurance, which is much cheaper than normal house insurance.

This is because the condo-building is already insured.

Savings for Condo-Owner - $75/mth

Home Heating Costs

A $200K home in Winnipeg will be older, and most likely leak heat like there's no tomorrow. 

Estimate $100/mth for heat.

Apartment style condo, on the other hand, will cost approx. $50/mth

Savings for Condo-Owner - $50/mth

Emergency Fund

A homeowner is well advised to establish a separate savings account for emergency repairs.

Unexpected repairs and maintenance can (and will) come up, especially in an older home.

What kind of things can go wrong?

Furnace Repair             $350
Clogged sewer line      $300
Hot Water Tank         $1,000
New Furnace              $4,000
New Roof                    $6,000
Foundation Repair   $15,000

What Could Go Wrong

Condo Owner saves    $50/mth

Let's Add All That Up

Water Bill           $60
Insurance           $75
Heating              $50
Emergency         $50

Total  Savings      $235.00

Condo Fee ($275) - Savings ($235)

Cost of Condo Ownership = $40.00

You may LOVE living in a condo, or you may have great reasons NOT to buy one.   

Hopefully, I've shown that Condo Fees, by themselves, should not be one of those reasons.

Bo Kauffmann of RE/MAX performance realty is a residential real estate agent with over 16 yrs of award-winning experience and service in the Winnipeg Real Estate Market

Whether you're buying or selling, a house or a condo in Winnipeg, contact Bo via the attachment slide at the bottom.

"Bo Knows Real Estate"