What is covered by condominium maintenance fees?

Common area maintenance

This includes the upkeep of all common areas in the condominium complex, such as the lobby, hallways, elevators, pool, gym, and grounds. This may also include the cost of utilities for these areas, as well as the cost of repairs and replacements.

Insurance

Condominium associations typically carry insurance policies that cover the common areas of the complex, as well as the individual units. This insurance may include coverage for damage caused by fire, theft, vandalism, and natural disasters.

Reserve funds

Condominium associations are required to maintain reserve funds to cover the cost of major repairs and replacements that are expected to occur in the future. These repairs may include things like roof replacements, elevator repairs, and plumbing repairs.

Administrative costs

This includes the cost of salaries for the condominium association's staff, as well as the cost of office supplies, postage, and other administrative expenses.

Special assessments

In some cases, condominium associations may need to levy special assessments to cover unexpected expenses, such as a major repair that was not covered by the reserve funds. Special assessments are typically paid by the unit owners in proportion to their unit's ownership interest in the condominium complex.