Typically, a condominium will levy a monthly maintenance fee to pay for common area elements, such as the lobby, parking lot, security, and any building employees, such as doormen, parking lot attendants or building engineers. What many first-time condo buyers don't realize is that the amount of your monthly maintenance fee has a direct impact on how much you can afford to spend on your daily expenses.

For example, if your developer said you could spend $150 per month on your maintenance fee and the monthly maintenance fee for the condo subject to review every 3 years. In other words, the amount of the maintenance fee will be increase every 3 years and the total amount you need to pay may be increase too.