Trish Chandler, REALTOR, CDPE
Michael Saunders & Company
As someone else mentioned, monthly condo fees are not all equal. Some include things like cable TV and water/sewer. Others do not.
Roof responsibility is an important item. A condo may have what appears to be cheap monthly fees, but the fees do not include roof maintenance/replacement. So sometime in the future the unit owners in the building will be required to pay a special assessment for major repairs or replacement of the roof.
Here's another point to consider when comparing condo maintenance fees -- the condominium complex's budget, particularly the reserves portion of the budget. If a condo community is holding down the monthly fees by failing to properly fund the reserves for major repairs and maintenance of the complex, then at some point that failure to fund reserves will probably result in special assessments being required to replace roofs, or repaint buildings, pave roads, etc. So in that situation cheaper monthly maintenance fees may not be the bargain you assume they are.
Lawsuits can also impact the financial well being of a condo community, so you'll also want to ask if the complex has any active or pending lawsuits against it.
Buyers should also ask about the complex's insurance. Do they have a wind mitigation inspection on file, who is the insurer, has the complex been notified of pending rate hikes?
As you can see, there are a lot of factors that a condo buyer should consider when purchasing a unit that can have a financial impact.
The more information you gather about the condo community you are thinking of purchasing in, the better choices you can make regarding a purchase.
Your real estate agent should be able to assist you in obtaining the financial information you need before you write an offer on a condo unit in a particular complex.
If you have more questions regarding purchasing a condo in our area, please feel free to give me a call or email me as I have been working with a number of condo buyers and have information on a number of the local condo communities.
Diane Christner, Realtor, GRI, SFR
Realty Executives Solutions
cell: (941) 726-7109
You need to keep in mind that HOA fees usually cover alot, they can include cable, water, trash, pest control, roof, outside maintenance, building exterior, public insurance, community pool, recreation facilities, manager...if you were buying a home you would have to pay for these fees separatly. Each community varies with their fees. Average is around $200- 300 a month, but there are also properties that the fees are less and some are more. You need to first decide on what area you want to buy in and then look at all the condos in that area and what their fees are and decide friom there. If you need any more info on specific condos or there is anything I can help you with, just let me know. Hope that helps you. Have a great day!
Michael Saunders & Co