Best Practices for Reducing Condominium Fees
Heating, hot water, and gas account for about one-third of condominium maintenance fees. There are some simple tips and best practices for reducing these costs. Here are the details.
It is recommended to lower the heating temperature by one degree, which can save about 7% on your bill.
Regular boiler maintenance is also important, as it can reduce energy consumption by up to 12 percent. Installing thermostatic valves and balancing the heating system can also help ensure better heat distribution.
If the condominium has a communal boiler, heating oil is currently cheaper than gas. For a gas boiler, simply replacing the burner may be enough to reduce costs. Purchasing gas as a group can also lead to savings, thanks to the platform run by the Association of Condominium Managers, which negotiates favorable rates with suppliers.
Good building insulation can also help reduce heating costs. Programs such as the “éco-PTZ” for condominiums offer financial assistance for energy-efficiency renovations.
Water is another significant expense, especially since its cost is rising steadily. Metering cold water usage individually can encourage each resident to be more responsible and lead to savings estimated at about 30% in the first year and 20% in subsequent years. It is recommended to install Class C or D individual meters, which detect individual micro-leaks.
The condominium's insurance policy can also be a significant expense. It is recommended that you review the policy's terms, particularly the coverage limits, and shop around by requesting quotes from several insurance companies.
Maintenance and servicing contracts (for buildings, outdoor areas, stairways, elevators, alarms, keypads, etc.) may also include unnecessary services that drive up the cost. It is recommended that you compare quotes from different service providers to avoid overpriced contracts.
Other small measures can also help reduce condominium fees, such as involving co-owners who are handy or enjoy gardening, installing motion-sensor lighting for common areas, establishing a short-term property management contract, and monitoring the pricing of general meetings.
