What is a condominium fee?

Condominium ownership means paying bills for the community each month through assessments. Bills cover master insurance policy premiums, payments to reserves -- a savings account used to pay for major repairs to the buildings, such as a new roof, new Windows, paint and so forth. In addition, assessments pay water and sewer bills, landscaping expenses and other professional services.

Boards budget for expenses annually and establish the monthly amounts that each owner pays in assessments.