Condos, or condominiums to give them their full name, aren’t that different from apartments except that they are individually owned by the families that live in them. Converting apartment buildings or residential houses into condos is simply a legal matter. Where the apartments or residential houses are offered for rent to different tenants while their developers retain ownership, condos are sold in different units of the same apartment/housing unit to individual owners.
First-time condo owners are often unsure of what the monthly sum they have to pay as condo property management fees is actually paying for. When added to the payments made to the cost of utilities, possible mortgage payments and property taxes, it can seem like a big burden. Essentially, condo property management fees are a share of the total cost of keeping the whole building and outdoor spaces in good repair as well as budgeting.