working on it.
Costs of owning real estate
strata fees / maintenance costs
When you purchase a property with a strata (apartments/townhouses), you have to pay a monthly maintenance fee. These fees cover yearly costs for the building and are what keep the building in good condition. The cost for strata fees vary from building to building and are generally based on age, what kind of amenities your building has, and the size of your unit within that building.
For example, a 400 sq ft studio apartment in a brand new building with no pool, no concierge, and no gym, might put you at a monthly cost of $250 per month. A 1300 sq ft 2 bedroom, 2 bathroom apartment in a brand new high end luxury building with a concierge, a pool, and a high tech gym could put you at monthly costs between $800 and $1500.
Special levies and contingency funds
A contingency fund is a buildings bank account. Each month, a portion of your strata fees will go into this account. The account is designed to ensure that the building has money for large repairs or unforeseen problems. When you purchase property with a strata, it is important that you look at a buildings contingency fund and ensure it has a healthy amount in it.
A Special Levy is when a building need
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