Condo fees and special assessments: what owners should know
Plain-language guidance to help you budget and avoid surprises.
What condo fees usually cover
Condo fees vary widely. They often cover shared building costs and services, but the exact list depends on the building and rules.
- Building maintenance for common areas
- Reserve fund contributions
- Insurance for common elements (unit coverage is usually separate)
- Snow removal, landscaping, waste services
- Amenities (where provided)
Special assessments
A special assessment is an extra fee charged to owners to pay for major repairs when reserve funds are insufficient or when unexpected repairs occur.
- Ask about reserve fund studies and recent major projects
- Review meeting minutes for recurring issues
- Check for signs of deferred maintenance
Practical tip If fees look unusually low for the building’s age, ask whether the reserve fund is adequately funded.