What Are Community Fees and How Do They Work?
In this week’s Two-Minute Tuesday, Keith and Sophia explain community fees for property owners in urbanizations or communities. Community fees are monthly payments made by residents to cover the upkeep of shared areas within the development. This includes the maintenance of swimming pools, communal areas, elevators, lighting, and underground parking.
The amount you pay depends on two factors:
- What you’re paying for: Larger or more luxurious communities with amenities like security guards or ornamental pools may have higher fees.
- The size of the community: In larger communities with more units, the cost is shared among more owners, reducing the individual fee. Smaller communities with fewer owners may result in higher fees for each resident.
Community fees ensure that communal areas are well-maintained, and each owner contributes fairly based on the services provided and the number of residents sharing the costs.
Key Points:
- Community fees cover maintenance of shared areas.
- Costs depend on amenities and the size of the community.
- Larger communities generally have lower individual fees due to more residents sharing the cost.