In this ever-changing world, one of the most promising markets is the real estate market. In today’s world, many condos & lofts, and also townhomes are managed by a homeowner association management company (HOA). Condo & townhome owners will be most likely pay a monthly association fee. You might ask, what is a HOA? What do these monthly condo association fees include?
Condo in a glimpse
Condominium (condo) Association is an association of owners and/or a third-party management company that manages the duties of the housing complex. They can be run by the residents or a third-party professional management company. However, sometimes a larger complex or blocks, they often opt for a Board President in order to run the community – with all the power and duties. Members of the organization jointly own the share or common areas and therefore needs to manage the maintenance of them internally or externally via a professional management company. The residents of a particular condo or townhome development will pay the association a monthly flat fee.
Condo Shared Amenities
The condo development’s common elements are shared by all condo owners equally. This encompasses the hallway, roofs, elevators, and swimming pools, etc. The elected board and/or association will decide how much money needs to be paid by the condo members to take care of the common areas. Condominium fees vary on many variables such as the location of your property, the real estate company, type of property.
HOA Monthly Fees
When you buy a condo or loft in a building, the condo fees may cover exterior maintenance, hazard insurance, landscaping, cleanliness charges, common areas, central utilities, heating/ water, electricity in some cases.
Final Thoughts
The association reserve funds, as the name speaks for itself. When considering paying for the condo fees, you should know what you are paying for.
%20fees%20cover?){kind=link}