25% Contribution to Reserve
20% Building Maintenance
10 - 17% Security Concierge
6% Management Fee
1% Legal Professional Fees
You control the balance as discretionary spending for improvements
Monthly maintenance fees are split in two: one part goes towards the reserve fund, and the other towards the building’s expenses. These fees range from around 50 to 90 cents per square foot, depending on how much it costs to run the building. If your condominium has excessive amenities, you’re paying for them, whether you use them or not.
The most common and probably the most-used features are the gym, rooftop terrace, and party room. As a condo owner, investor, and realtor, I see value in all three, but anything else is unnecessary. Have a look at the following amenities and make up your own mind.
Pool; you want to swim laps in an Olympic-sized pool, or hang out on the deck on a hot July day? The worth of a pool depends on whether it’s buried in the basement with no windows, like at Wellington St., or in open air with the sun beating down and a fantastic view.
Buildings like Cresford's NXT along the Queensway at Windermere will soon be adding a second Tower to the current amenities. There is a Theater Room but is it used as a community movie Thursdays or simply as something you rent for a birthday party? The usual GYM exercise area exists facing - looking at the pool and patio. The on site day care center has a tremendous value.
The outdoor patio and lounge chairs are exquisite and enjoyed all summer long, beside the pool, sheltered from the wind with only the sunshine! Perfect! During the Winter there is a smaller indoor lap pool.
Roof Top Disco's have been done before. The Palace Place and Palace Pier ( at the foot of the Humber River) have captive restaurants and the Sky Club. Years ago these were active hotspots for the residents. Now they are under utilized. The focus and population has changed.
What building features do you feel are the must haves?