Condo Fee Calculation
We have 3 buildings within the complex and condo fees are calculated using unit factors. Due to a change in the original building design, the 3rd phase (building) had additional units added which resulted in lower condo fees for that building. The other buildings are saying that this inequity in fees needs to be addressed but there is not a clear cut answer. The condo fee calculation is in our bylaws so we need to change the bylaws to get a change in how condo fees are calculated. One way that a lawyer suggested was basing this on square footage which will have an initial increase of fees for Building 3 and a decrease for the other two before balancing out. This of course is causing hard feelings. Another proposed method was to base fees on the operating budget divided by the total number of units so each unit pays the same. The issue is that someone with a 500 square foot unit pays the same as someone with a 1000 square foot unit.
Has there been other way of calculating fees that could be equitable between 3 buildings without furthering a rift already in place.
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