The high costs of parking garages

If there is anything good about not owning an underground parking spot is that you'll save a lot of money. Underground parking spots in new condos are very expensive to buy and on top of the purchase price, there are monthly maintenance expenses.

However, since the underground parking structure is a common element, all unit owners will be paying for repairs to the parking garage.

A condominium corporation should expect to spend between $100 and $500 per parking stall per year in order to keep its parking garage in good working order and build up the Reserve Funds for long-term renewal of the garage’s moisture protection systems.

The costs are serious enough that a condo corporation should consider having a separate operating and reserve fund just for the parking garage. That way the board, and the owners, will not "forget" about it.

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