While each real estate option has its own advantages, one thing you do have to prepare for if you choose either town home or condominium living is the Homeowners Association Fee. HOA fees are used to cover the costs of the cleaning and maintenance of common areas like lobbies, main entryways, and parking spaces. HOA fees are also used to ensure amenities like tennis courts, gyms, entertainment areas, pools, and others are kept in good condition and repair work is done as needed.
Property owners mandate its occupants or residents to pay HOA fees, and ideally, the amount and required date of payment is specified on the Land Title Certificate, which your realtor will inform you of before you sign on any paperwork detailing your purchase of the property. Do carefully read the terms involved in HOA fees since in Canada, failure to pay the due HOA fees may lead to costly lawsuits.