What do the strata fees include?
If youre buying a home within a strata corporation, be sure to check the disclosure statement to see what is included in your strata fees. The services and amenities they cover will vary from community to community. As a general rule strata fees include maintenance of common property usually everything not inside the residences: if your fridge breaks down thats your responsibility. They will also cover insurance for common areas, landscaping of the grounds, garbage and snow removal, as well as membership in the community clubhouse if one exists. Strata corporations always have a contingency fund for major repairs and a percentage of the fees will be earmarked for that. If youre going to be a second or third owner in a strata corporation, be sure to check out the amount of the contingency fund and consider the age of the building.
