{"id":928,"date":"2016-02-13T11:11:04","date_gmt":"2016-02-13T19:11:04","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=928"},"modified":"2016-02-13T09:30:27","modified_gmt":"2016-02-13T17:30:27","slug":"strata-fees-shining-a-positive-light","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/02\/strata-fees-shining-a-positive-light\/","title":{"rendered":"Strata Fees \u2013 Shining a Positive Light"},"content":{"rendered":"<p style=\"text-align: justify;\">For those of you who are contemplating buying a condo but are uneasy about the monthly strata fees \u2013 don\u2019t be so concerned! Although strata fees are typically viewed in a negative light because they\u2019re another monthly cost you must account for in your budget, these fees actually come with some huge benefits to the homeowner.<\/p>\n<p style=\"text-align: justify;\"><strong>What are my fees contributing to?<\/strong><br \/>\nThere are two funds that every strata corporation in BC must maintain: an Operating Fund and a Contingency Reserve Fund (CRF). The Operating Fund is used to pay for common expenses that maintain the building (often these are expenses that occur more than once a year). This includes building insurance, property manager\u2019s fees, gardening, garbage collection, water, maintaining common property, upkeep of amenities, cleaning, repairs, etc. The CRF is the fund that is typically used to pay for the larger, unexpected expenses which might include a lobby upgrade, new roof or gutters.<\/p>\n<p style=\"text-align: justify;\"><strong>How are my strata fees determined?<\/strong><br \/>\nTypically, strata fees are determined by your Strata Council and are approved by a majority vote at the Annual General Meeting (AGM). It\u2019s important to note that the fees can be reexamined throughout the year if the Strata Council deems necessary. Within two weeks of the budget passing, the strata corporation must inform owners of the new strata fees.<br \/>\nYour individual strata fee is assessed by taking the total cost of the strata\u2019s expenses and dividing that by the unit entitlement of your strata lot. This means the larger square footage of your home, the bigger your fee. In the case of presale developments, a property management company is hired by the developer and is responsible for creating the initial operating budget and strata fee schedule which can then be adjusted when the strata council is created at completion.<\/p>\n<p style=\"text-align: justify;\"><strong>Security and peace of mind<\/strong><br \/>\nUnlike single family homes where you are completely responsible for managing and paying for all repairs and maintenance, your strata fees are a fixed monthly sum that will cover all the everyday expenses associated with the maintenance of your condo building and pay for the appropriate people to manage and fix any issues. It means you don\u2019t need to shovel or salt a driveway, clean gutters, or paint the exterior (unless you really want to!).<\/p>\n<p style=\"text-align: justify;\">Remember, the next time you\u2019re in the market for a condo, keep in mind that strata fees are a way of planning and accounting for the short and long-term costs associated with your home and when it\u2019s time for those substantial repairs, you shouldn\u2019t be inconvenienced by a large bill!<\/p>\n<p><a href=\"http:\/\/www.macmarketingsolutions.com\/blog\/strata-fees-shining-a-positive-light\" target=\"_blank\">Strata Fees \u2013 Shining a Positive Light<\/a> by MAC Marketing Solutions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For those of you who are contemplating buying a condo but are uneasy about the monthly strata fees \u2013 don\u2019t be so concerned! Although strata fees are typically viewed in &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/02\/strata-fees-shining-a-positive-light\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-928","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Strata Fees \u2013 Shining a Positive Light &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/02\/strata-fees-shining-a-positive-light\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Strata Fees \u2013 Shining a Positive Light &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"For those of you who are contemplating buying a condo but are uneasy about the monthly strata fees \u2013 don\u2019t be so concerned! 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