Now lets go shopping! Call me at 647 218 2414 David Pylyp
Tuesday, April 15, 2014
RE/MAX Spring Market Report 2014
Now lets go shopping! Call me at 647 218 2414 David Pylyp
Thursday, April 3, 2014
How are Maintenance Fees Set?
How are Maintenance Fees Calculated?
Contribution to Reserve Fund is calculated by an inspection of the Building by Professional Engineers. This report is called a Performance Audit. The receipt of this report calculates the Remaining Economic Life of each building component. The result of this, is the Cash Flow Reserve Fund Study which explains when things will need to be replaced as they wear out and what monies should be on hand.
Reserve Fund Studies will be conducted every 5 years in accordance with the Condominium Act. Condo Act 1998 This is now being updated with the New and Improved condo act that is pending approval. Details here
If you are considering a condo; ask questions. Understand its a lifestyle and community that you are purchasing.
Humber Bay and Toronto West Condo's? Love to hear from you.
Total operating Expenses PLUS a commitment of an additional contribution to Reserve ( that’s what we call the forced savings account)
Special assessments are extraordinary items that need to be paid for Once announced. Usually these expenses are Amortized over 3 or 4 years and offer owners a PAY it now price. Once a special Assessment has been declared even selling your unit provides no escape.
Money can be borrowed to make capital repairs and is paid for from the special assessments. The Board of Directors need to pass special By Laws to permit borrowing.
Sample budgets include; * For discussion purposes only
% of CEF
| ||||||
Common Element Fee
|
1,500,000
| |||||
Interest & Other
|
11,400
| |||||
1,511,400
| ||||||
Note
|
Expenses:
| |||||
3
|
Gas
|
4.8%
|
29,000
| |||
3
|
Electricity
|
17.2%
|
322,600
| |||
3
|
Sewer & Water
|
5.3%
|
59,700
| |||
3
|
Intercom
|
0.1%
|
2,300
| |||
4a
|
Cleaning Contract
|
6.7%
|
125,500
| |||
4b
|
Building - Exterior
|
1.3%
|
23,700
| |||
4b
|
Building - Public Area
|
0.6%
|
11,900
| |||
4b
|
Building - Flooring/carpet
|
0.4%
|
7,900
| |||
4c
|
Plumbing
|
0.4%
|
7,400
| |||
4c
|
Venting
|
0.8%
|
15,000
| |||
4c
|
Air Conditioning
|
0.7%
|
12,300
| |||
4c
|
Boiler/Furnace
|
0.7%
|
12,300
| |||
4c
|
Elevator
|
2.5%
|
46,000
| |||
4c
|
Fire & Safety
|
0.8%
|
15,000
| |||
4c
|
Electrical Repairs
|
0.1%
|
2,000
| |||
4c
|
Heat Pump
|
1.4%
|
25,700
| |||
4c
|
Recycling System
|
0.1%
|
2,000
| |||
4d
|
Grounds - Equipment
|
0.4%
|
7,300
| |||
4d
|
Grounds - Landscaping
|
0.8%
|
15,000
| |||
4d
|
Grounds - Parking Lot
|
0.6%
|
11,000
| |||
4d
|
Grounds - Public Lighting
|
0.1%
|
1,500
| |||
4d
|
Grounds - Storm Sewer
|
0.3%
|
5,000
| |||
4e
|
Paint - Exterior
|
0.0%
|
500
| |||
4e
|
Paint - Public Area
|
0.2%
|
3,000
| |||
4f
|
Snow Removal
|
0.5%
|
9,500
| |||
4g
|
Garbage Removal
|
0.7%
|
13,000
| |||
4h
|
Recreation
|
0.2%
|
3,000
| |||
4i
|
Janitorial Supplies
|
0.1%
|
2,000
| |||
4i
|
Pest Control
|
0.1%
|
1,000
| |||
5
|
Staff Salaries/Benefits
|
0.0%
|
0
| |||
5
|
Office Expense
|
0.3%
|
5,000
| |||
5
|
Communications
|
0.3%
|
5,000
| |||
5
|
Interest and Bank Charges
|
0.1%
|
1,500
| |||
6
|
Security
|
16.6%
|
311,000
| |||
7
|
Management Fee
|
5.4%
|
101,800
| |||
Insurance
|
1.5%
|
28,300
| ||||
8
|
Professional Fees
|
0.8%
|
15,000
| |||
9
|
Reverve Fund - Assessements Repair and Replacement
|
28.0%
|
500,000
| |||
100.71%
|
1,511,400
| |||||
Surplus (deficit)
|
$ 69.00
| |||||
working subtotals
|
1,500,000
| |||||
Contribution to Reserve Fund is calculated by an inspection of the Building by Professional Engineers. This report is called a Performance Audit. The receipt of this report calculates the Remaining Economic Life of each building component. The result of this, is the Cash Flow Reserve Fund Study which explains when things will need to be replaced as they wear out and what monies should be on hand.
Reserve Fund Studies will be conducted every 5 years in accordance with the Condominium Act. Condo Act 1998 This is now being updated with the New and Improved condo act that is pending approval. Details here
If you are considering a condo; ask questions. Understand its a lifestyle and community that you are purchasing.
Humber Bay and Toronto West Condo's? Love to hear from you.
Labels:
condos,
Etobicoke,
Explorer,
Lago,
Maintenance fees,
Nautilus,
NXT,
Park Lake Residences,
Players CLub,
Reserve Fund,
South Beach,
Special Assessment,
Toronto Condos,
Windermere by the Lake
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