Are you considering buying a condo or a loft in the near future? A condo or loft is a great option for individuals who work in or near downtown Minneapolis or St. Paul or are just seeking a low-maintenance residence. If you’re looking to purchase a condo, you will need to factor in a condo association fee in your monthly budget.
Condo in a glimpse
The condominium (HOA) association is managed by a property management company. In some cases, the association is managed by the condo owners. The condo development will have a board of directors that is made up of residents of the building complex. Their responsibilities include governing the rules and regulations and also budgeting. The condo residents pay their monthly fees to the HOA management company. You will find the monthly HOA fees are different from complex to complex.
How are HOA monthly fees initially or periodically assessed? The HOA fees can be determined by a calculated rate per the condo unit’s square footage or a flat monthly fee. When shopping for a condo, you might want to pay attention to what the monthly fee covers. Also, a great question to ask is – how much is in the condo association reserve fund for future building repairs, etc.
Condo Fees coverage
The condo fees may include the following: exterior maintenance, landscaping, cleaning services for the hallways & front/back entries, professional management, hazard insurance, common areas, water/sewer, and heating.
On a side note, the general common elements are everything that is shared by all condo owners equally. This can encompass the hallway, elevators, swimming pools, parks & playgrounds within the development, parking areas, courtyards and roof top decks, etc.
Final Thoughts
When looking to buy a condo or loft, it’s important to know how much the monthly condo association fee is and what it covers.
If you’re looking to buy or sell a condo, a townhome, or a single-family home in the Twin Cities, or the surrounding areas, please call, text, or email Shannon at your earliest convenience. Search properties listings @ https://shannonlindstrom.results.net/.
Shannon Lindstrom, Realtor®, AHWD, CRS, GREEN, MILRES, MRP, VCA
RE/MAX Results
Direct: 612-616-9714
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