1) Condo HOA fee: These fees are used to maintain, and insure the building and surrounding lawn, carports, storage area... (you will still want to carry and interior contents policy much like a renters insurance policy) In addition this fee may cover items such as: cable, internet, pest control, trash, property management, accounting, water, sewer, irrigation etc. The list of items included will vary from community to community. The Condo HOA fee that is higher may be the better deal since Condo Associations get bulk rates on services. These fees vary as are collected monthly, quarterly, or Semi-annually.
2) Master HOA fee: This fee is utilized to pay for common grounds, guard gate, street lights, club house, gym and other amenities. This fee may be billed may be monthly, quarterly, or Semi-annually and is often separate from the Condo HOA fee. Not every community designates a Master fee but instead builds it into the Condo HOA fee. So at first glance one Condo fee may look very high until you realize the community you are comparing it to has both a Condo and Master HOA fee.
I hope this helps.
Bridgette "Kyria" Chase
Exit Bennett Realty
And then they type of ownership within that community can be Condo. Those properties classified as condo ownership would have their own fees for maintaining and insuring the building and provide monthly services often including water and sewer and some unit maintenance.
It is not unusual for a condominium to be located in a Homeowners Assoc as a result the unit owner is a member of both the condo council of unit owners and the HOA in which the condo is located. The fees of the condo are determined by the budget (operating cost of the condo). The budget is developed by the officers that the owners elect to its condo board. Condos are a specialty, so if you want further information about a specific condo, I am glad to provide the information to help you in your decision.
Associate Broker RE/MAX Realty Group
When they list both fees, you will need to look closely at what each fee covers.
Condo fees are controlled by the condo association meaning they vote on the monthly fee. HOA can be monthly, annually or 4 times a year. This fee will typically be lower, overall, than the condo fee.
In summary, read the details of what is covered by both.