How low should you go?

Condo fees are a big part of the cost of owning a condo. If they are too high, they can make monthly expenses unaffordable, and can affect your resale value. What happens if they are too low?

I was reading this great post over on the Toronto Realty Blog about how low you should expect to see fees. Granted, the prices are for Toronto condos, and it might be acceptable to have lower condo fees outside of a major city – but even then, certain things simply cost money. David Fleming notes that you really can’t run a building at less than 50 cents per square foot. Often, condo fees are posted low pre-construction. If the fees are lower than 50 cents per square foot, expect them to go much higher, very soon. Sometimes too good to be true, really is.