So wait, do you also have to pay for building repairs, maintenance, every time roof or pipes need to be replaced, etc.? Where I live, people just pay rent and landlords use that money to maintain the building instead of charging for things like bulbs in stairway or an elevator in building seperately
I don’t know Wispys situation in particular, but in a lot of condos (apartments that people own), on top of a mortgage there is often a maintenance fee that goes directly to a special account for building repairs or maintenance. Then for emergencies there might be additional “special assessments” to cover unexpected expenses. If those are not paid they can exert pressure through a lien on the property or other means. Most often owners will be able to see exactly what the maintenance fee covers. This helps keep the process transparent. So you know $20 of each fee goes to monthly landscaping or whatever so you can do the math to make sure there’s no fraud. If there’s 100 units and you’re each spending $3000 a month to have someone take care of a small garden bed then you know someone is doing something fishy. So I imagine they received a breakdown of their fees that included how much it cost to keep the elevator running.
So wait, do you also have to pay for building repairs, maintenance, every time roof or pipes need to be replaced, etc.? Where I live, people just pay rent and landlords use that money to maintain the building instead of charging for things like bulbs in stairway or an elevator in building seperately
I don’t know Wispys situation in particular, but in a lot of condos (apartments that people own), on top of a mortgage there is often a maintenance fee that goes directly to a special account for building repairs or maintenance. Then for emergencies there might be additional “special assessments” to cover unexpected expenses. If those are not paid they can exert pressure through a lien on the property or other means. Most often owners will be able to see exactly what the maintenance fee covers. This helps keep the process transparent. So you know $20 of each fee goes to monthly landscaping or whatever so you can do the math to make sure there’s no fraud. If there’s 100 units and you’re each spending $3000 a month to have someone take care of a small garden bed then you know someone is doing something fishy. So I imagine they received a breakdown of their fees that included how much it cost to keep the elevator running.