I have owned a condo for 6 years. I was young and dumb when I bought it and got myself into a less-than-desirable situation. My HOA dues are more than $300 a month, and all that covers is a single reserved uncovered parking spot (which I have been towed from THREE times), sidewalk snow removal in the winter, and lawn mowing in the summer.
As you can see, know what a condominium homeowners association is and does is important if you are going to be buying a condo. This is a serious question every potential buyer must ask. Are you willing to put up with the potential negatives for all of the positives? In the situation where you are buying a condo, you might not have much of a choice.
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By Amy Fontinelle. When you purchase a condominium, townhouse or another type of property in a planned development such as a leased land property or a gated community, you are obligated to join that community’s homeowners’ association (HOA) and pay monthly or annual HOA fees for the upkeep of common areas and the building.
· HOA fees for condos are typically higher than townhouses because they pay for exterior upkeep, such as lawn care, trash removal and pest control. Townhouse owners pay lower monthly hoa fees because they pay for much of their own upkeep. Certain types of maintenance and trash removal are still handled by the HOA.
Are Condos with High HOAs Bad Investments? by Keith Evans & Reviewed by Ashley Donohoe, MBA – updated february 05, 2019 Though condos do offer a seemingly luxurious and maintenance-free investment vehicle, condo homeowners’ associations, or HOAs, typically charge monthly fees to pay for the services they provide.
Buying a condo versus buying a house #1: Condos come with their own set of fees and rules. Fact #1: When you buy a condo, monthly maintenance fees are required to pay for upkeep of common areas and amenities. Fact #2: Your condo association can set rules, including the type of pet you can own and whether you are allowed to rent out your unit.
· HOA Transfer Fee: What Is It and Who Pays?. If you have decided to buy a house or condo that is part of a homeowners association, there are going to be several issues you will have to deal with besides just the typical home buying process. You will need to assess the health and financial stability of that HOA, whether or not it’s being.
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