2007-09-19 05:38:03 · 3 answers · asked by Cammi 3 in Business & Finance ➔ Renting & Real Estate
what kind of fees DO* condo owners pay?
*sorry typo*
2007-09-19 05:42:51 · update #1
about the same you pay condo dues and your own maintainance and can have to pay special assessments to replace things like air conditioner .
I prefer a house so that I can make the decisions and not have to pay for things I dont use and are included in the dues. Also, the crew expect tips especially at Christmas. Mine asked 10% of a months dues.
2007-09-19 05:47:50 · answer #1 · answered by Nora 7 · 0⤊ 0⤋
The fees are usually a fixed monthly charge for the amenities that are included with the condo. There are occasional one time fees (special assessments) that get charged when something major needs to be done.
There are many different types of condo associations and also different amenities that are included. For example, in high rise condo's, things like heating units and AC units may be centrally located and maintained. These items maintenance may be included in the monthly fee. For townhouse type condo' sor low rise units the heating and AC may be part of the unit itself. In these cases the responsibility for maintenance can fall on the owner.
Amenities like pools, trash removal, grounds maintenance, gyms, tennis courts, parking lots, common area maintenance are all things that condo fees can cover. the most important thing to look at with the HOA (Home Owner Association) fees is that they aren't overly high in relation to the services you get.
If I was paying $600 a month and it only included grounds maintenance I would think it was too high. If I was paying $100 a month and it included a pool, gym and the salary of maintenance people I would think it was too low. Either can be bad. Too high can lead to an overly abundant reserve account which can tempt people to pilfer money. Too low can lead to lots of special assessments and higher fixed fees because someone didn't figure out how to properly allocate the funds.
2007-09-19 06:10:34 · answer #2 · answered by Patrick 5 · 0⤊ 0⤋
Fees vary widely depending on the individual condo, but it isn't unusual for it to be over $100, often significantly more than that, per month. There can be additional assessments if something major goes wrong in a common area.
A condo is less responsibility than a house because you don't have to deal with maintaining common areas, just your own unit.
2007-09-19 05:50:15 · answer #3 · answered by Judy 7 · 0⤊ 0⤋