this post was submitted on 02 Dec 2024
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And until that money is needed for repairs, it just sits in a bank account where it's still technically yours. It's part of the value of the condo if you decide to sell. It's basically just a mandatory emergency fund.
Yeah exactly. We bought from previous owner who had prepaid strata for that year, so that was an asset as part of the sale.
For us it also covers yard and tree maintenance, roof repair, plumbing in the walls, salting parking lot and plowing /shoveling in the winter, etc; basically a long list of homeowner costs you would pay somebody to do or use you valued time to remedy. We vote on increasing strata fee to cover other things, owners are in control of it so I don't see why people have such an issue