Tuesday, August 9, 2011

HOA Fees

If you're looking to purchase a condo in the near future now is the time to buy as it is a buyers market. Especially in the states of Florida, Arizona, California and Nevada. You will find some tremendous bargains as in these areas home values have declined drastically.

You must keep one thing in mind when purchasing a condo yes you have found one with a great price but what are the HOA fees. This is a maintenance fee that is charged to each condo owner for such things as the upkeep of the common areas such as the pool, the grass or clubhouse. It is generally billed to you on a monthly basis. Most condo fee will cover the maintenance of your roof should it be damaged in a storm it may also cover sewer water and trash removal in most cases. The fees are determined by a board elected by the homeowners. They could range from $100-$700 for even more depending on what amenities are offered in your community.

So you should be very careful when purchasing a condo to check out what the HOA fees are for the complex. It doesn't make much sense to have a great bargain on your condo and have an outrageous HOA fee of $500.

I have notice that highest condo fees seem to be in the high rise condos. So before you close on your dream condo make sure to check with your realtor what the Association fees will be and what amenities they will cover.

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