Condominiums have condo fees because they are a way for the owners of individual units in a condominium building to share the costs of common expenses and amenities. Condo fees typically cover expenses such as building maintenance, management, landscaping, snow removal, insurance, water and sewage, trash removal, and the upkeep of common areas such as hallways, elevators, and recreational facilities.
They can also be used to fund capital expenditures such as the replacement of the roof or other major building components. By pooling resources in this way, condo fees help ensure that all of the owners share in the cost of maintaining and improving the property, and that these costs are equitably distributed.