Rob,

The difference is mainly in definition and how a building is owned. A condo fee is a HOA fee with a different name and both are funds that are collected from all members of an association, be it a condominium, a tohnhouse community or a single family home community. They are used to run the common elements of the association and what is included in these fees is what a homeowner needs to be most concerned with. Each association will have a board of directors, usually, but not always, made up of homeowners in the community and they are in charge of expenditures and budgets. In all cases, you should be informed of an annual budget and be made aware of what reserves the association has to pay for future expenditures. In a condominium community the "common space" includes the building and it's maintenance so they will typically be higher than other types of communities.

In a condominium association you will see the building insurance included in the fee where you would probably never find building insurance covered in a single family home community. If you have any questions relating to a specific association, condo or otherwise, please feel free to give me a call and I will be happy to let you know what the costs are and what is covered. I am easily reached at 561 308-0175 or via e-mail at tom@tompriester.com.


Tom Priester
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com