Home Buying in Euclid>Question Details

Karima Ward, Home Buyer in Euclid, OH

How does hoa fees work for apartment style condo? Does the fee goes up every year? How does this work?

Asked by Karima Ward, Euclid, OH Thu Apr 18, 2013

thinking about buying a condo (apartment) or stand alone.

Help the community by answering this question:

Answers

2
HOA fees can go up (or not) every year, or every few years, regardless of whether the style of the unit is an "apartment" or "townhome" (stand alone).

I live in a condo complex - the style is comprised of townhomes - and we get an increase every few years or so, based on the projected budget for the coming year, and also based on keeping a healthy balance for future maintenance projects.

Ask what the fees have been over the past 5 years to see how many increases there have been.

Make sure any complex you are considering is financially sound, and ask if there have been , or currently are, any special assessments (these cover larger than usual updates or repairs).
Know that older complexes will/may be dealing with upgrades that younger complexes might not need as yet.
Ask enough questions - get the answers - so you won't be in for any unexpected surprises!

Best wishes........
0 votes Thank Flag Link Thu Apr 18, 2013
Why are you considering a CONDO?
Is it because you like the Security and easy maintenance?
Or is it because you think you are getting a lower price, a better deal?
When you factor in the HOA, their management impact, and the Fee; are you really saving anything.
The Agreement that you will sign with the HOA gives them dictatorial power over your living conditions, and, yes, they can raise the HOA fee every year, if they choose.
0 votes Thank Flag Link Thu Apr 18, 2013
Yes because of the security and easy maintenance and retirement.
Flag Thu Apr 18, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer