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The R Street Firehouse. The Roundhouse. Sears Bungalow Gets a Modern Makeover. Making the Most of a Skinny House. Condo association fees account for a noticeable portion of housing expenses. This article will cover what condo HOA fees are, what they include, and why they have been on the rise. To pay for the maintenance of common areas, amenities, landscaping, the association asks each unit owner to pay fees.
These fees typically cover the maintenance of the external parts of the condo. Condos are run like corporations, with the board of directors that governs the financial and administrative aspects of the building. The association collects a fee from members to cover utilities, maintenance, and insurance. They set the budget for repairs and choose contractors for larger projects. While it may feel like a waste of money to pay HOA fees, in reality, the fees are often necessary.
Those who live in single-family homes still have to pay for things like maintenance and landscaping, just not in a tidy monthly sum. Utilities like heat, water, sewage, garbage, and electricity are usually, but not always, covered. Post a listing. Most Popular View more popular articles ».
Top 5 Tax Breaks For Homeowners. Tax Relief for DC Homeowners. Condo Fee Tutorial. What is a Rent Back? What is an Adjustable Rate Mortgage? The Splitting the Rent Formula. Interest Rates and Mortgage Points. The Scoop on Mortgage Insurance. The R Street Firehouse. The Roundhouse. Sears Bungalow Gets a Modern Makeover.
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The Live-Aboards of Gangplank Marina. Modern Tranquility in Sperryville. This is in addition to any other obligations including mortgage payments, property taxes , as well as mortgage and homeowners insurance. This is the agreed-upon sum paid every month to the condo or homeowners association for maintaining the overall appearance and upkeep of the community.
The amount of the fee depends on a number of factors including:. While fees are used to pay for regular maintenance, some well-managed condo or HOAs often maintain reserve funds funded by condo fees. These funds are used to handle any unexpected maintenance projects, even after owners pay off their mortgages. By doing so, each condo owner within the development essentially sets aside money for repairs on a regular basis. Condominiums have a lot to offer, and their maintenance-free lifestyle may certainly sound appealing, but there are distinct advantages and disadvantages of owning a condo and, therefore, paying a fee.
Ultimately, owning a condo is a decision to live in a communal setting where everyone agrees to pool their monies for the betterment of the community. Condos often appeal to people who want to downsize or are heading into retirement. The monthly fee is, therefore, a small price to pay for these individuals as well as for those who want to own property but don't want the hassle of maintaining it.
Paying a fee helps prevent the building and its units from falling into disrepair, which has a big impact on property values. Because units are regularly maintained, individual condo values shouldn't drop. And if an owner wants to sell in the future, upgrades and upkeep can maximize the selling price. Condo owners avoid the large repair costs associated with homeownership by paying a monthly fee. The fees also include the ease of dealing with maintenance costs and the time saved in getting a repair and service bids from vendors.
Budgeting expenses is easier with the monthly condo fee versus a home. In other words, the condo owner is able to spread out the repair costs that go into maintaining the property in equal monthly installments. The predictability of payments can be especially important to senior citizens living on a fixed income.
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