5 Reasons Why Strata Fees Aren't So Bad - Refresh Financial

Official blog of Refresh Financial

5 Reasons Why Strata Fees Aren’t So Bad

 5 Reasons Why Strata Fees Aren't So Bad

With the prices of houses in Canada as high as they are, many Canadians are considering purchasing townhomes or condos that come with strata fees. At first glance, most of us will roll our eyes and groan, “I don’t want to deal with strata”. They mean monthly fees and nosey neighbors, right? Sure. In some cases, your strata might be a pain in your neck until you can sell and move. But in most cases, they actually add value to your property. Here are 5 reasons why strata fees aren't so bad.

1. They Cover Expensive Services

- Strata often include services that would cost a lot more on your own. Things like snow removal or landscaping would be more expensive if you paid for them separately.

2. Certain Repair Costs Are Split Between Residents

-  For most of us, something like cleaning a dryer duct is low on our priority list, and it's also fairly expensive. With strata, the cost for that repair could be much lower compared to doing it on your own, because you're spreading it out amongst all the residents

3. They Can Include Helpful Amenities

- Strata buildings and complexes can have amenity rooms, gyms, pools and hot tubs. There are always common areas that are available for use by all residents. Upkeep for these amenities is covered by your strata fees.

4. Collective Management Maintains Your Neighborhood

- Remember that one neighbor who never mowed his lawn? Maybe he kept that old rusted truck on cinder blocks in his driveway or had an empty swimming pool which posed a safety risk to the local kids. With strata, he would be required to take care of these things.

5. Increased Affordability

- As a homeowner, your overall costs associated with buying a condo are a lot less. To begin with, a unit in a complex is going to be cheaper than a detached home. It's also less expensive to heat your home, as you can benefit from the residual heat from the surrounding units. The strata fees also cover a ton of extra expenses as well, such as common services like trash pickup and snow removal. This makes being a homeowner a little less scary and far more enjoyable.

You might have your heart set on you a traditional detached home, but try not to rule out condo units and townhouse complexes. They cost less, are easier to maintain and can be your ticket to responsible homeownership.

Would you consider living in a home managed by a strata council? Let us know in the comments!

Leave a Reply

Your email address will not be published. Required fields are marked *