Owners Condo Document With Big Special Fees
Description
How to fill out Agreement To Provide Emergency Services To Owner Of Condominium Complex Following A Hurricane Or Coastal Storm?
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FAQ
Typical condo fees generally always include a contribution toward the building's upkeep and maintenance, but they may also include heat, water, sewer, garbage collection fees, and even electricity and cable TV in some cases. Consider how much these line items would cost if you lived in a home.
A high monthly fee will reduce the pool of potential buyers and result in a lower selling price. So while you may be spending the same amount every month as you would if you bought a more expensive place with lower fees, you'll be putting less towards your equity and more towards an expense you'll never recoup.
Condo fees are set for each unit, and are non-negotiable. When you buy a condo, the fees are the fees, and you don't get to negotiate that aspect of the purchase. You can, however, find out what the fees will be before you make an offer, so at least you can budget for them.
Typically, assessments aren't tax-deductible. If your condominium is your primary residence and you're required to pay regular condo fees, you cannot deduct the fees from your taxes. However, if you purchase or use the property as a rental property, then the CRA may allow you to deduct condo fees.
Special assessments may be levied for a pre-set number of years, and they are often not tax-deductible. Like property taxes, special assessment taxes are based on the assessed value of the home.