There are additional expenses to consider when buying a condominium compared with buying a house. All home or condo owners must pay a down payment, mortgage, homeowner’s insurance, and property taxes. Condo owners must usually pay additional maintenance fees and condo association fees.

The first fee to consider when buying a condo is the monthly maintenance fee. This can encompass building fees, condo fees, and common expenses. While homeowners are responsible for home maintenance and making their own repairs, condo owners usually pay into a fund that covers building maintenance through a property management company or condo corporation.

Maintenance fees mostly pay for all expenses incurred outside the individual’s living space, such as external repairs and maintenance, security guards, landscaping, plowing, painting, garbage removal, lighting, and common area upkeep for elevators, hallways, and the like. The amount a person pays into the maintenance fund is usually determined by the square footage of the condo unit.

Most condo associations and homeowner’s associations charge dues. Many condos have an association that runs a club house, recreational area, pool, gym, and member parties on occasions like New Year’s Eve or Superbowl Sunday. Some association fees also cover liability insurance and fire insurance. Condo owners are usually required to pay into this fund.

Ask about the condo’s special assessments in case of large construction projects due to urban renewal or damage from a natural disaster. It is common for condos to require huge lump-sum payments of thousands of dollars. Before buying a condo, consider the condition of the building and grounds, noting whether a major repair is likely in the near future. If so, you may be required to pay into that project.

When buying a condo, ask for a Status Certificate, which is a financial disclosure statement and list of condo rules. There is usually a nominal fee of approximately $100 for this statement.