What are condominium fees?
Condo fees pay for the upkeep and management of a building's common areas. They are a fixed monthly cost, to be budgeted alongside the mortgage payment.
In this guide
What they are
They are the costs of maintaining, using and managing the common areas — stairs, roofs, gardens, lifts. When you buy a flat, you are bound to pay a periodic fee, worked out from the property's share of the building.
A fixed cost not to forget
It is a monthly charge that belongs in the home budget, alongside the loan payment. It can rise if the owners' assembly approves major works.
Check before you buy
Ask the seller for the latest assembly minutes and the statement of condo charges. They show whether there are outstanding debts, the reserve-fund balance, and any approved works with future payments.
Worked example
A €50 monthly fee is €600 a year (example figures). If the assembly approves replacing the lift, there can be a one-off levy of hundreds or thousands of euros — which is why you ask for the minutes before signing.
Sources
Susana Vasconcelos
- Intermediária de crédito autorizada pelo Banco de Portugal n.º 0008496
- Mais de 10 anos na banca