Home Buying in 10303>Question Details

Olu, Home Buyer in New York, NY

what is association fee?

Asked by Olu, New York, NY Fri Jun 20, 2008

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An Association fee is also sometimes called an HOA fee. This fee is a cost to the buyer that is usually billed monthly, quarterly or sometimes yearly. This fee is for outside maintenance , lawns, basic cable, etc.
0 votes Thank Flag Link Fri Jun 20, 2008
Hi Olu,

An association fee is a monthly or sometimes yearly fee that a purchaser is required to pay when purchasing Condos, Co-Op's and some Town homes. The fee you pay covers the costs for amenities like use of the community pool, playground, club house,outside grounds maintenance, snow removal, insurance on common ground, street lights,exterior building maintenance,cooking gas,use of private park etc.
With Co-Ops the fee may include Real Estate taxes, heat, and more. Most of the time in larger communities you will be billed by a managing company. Each community has there own amenities,the fees will vary. If you have any additional questions, please feel free to contact me.

Arlene Trunzo CRS, GRI, SRES, BCREP) Board certified
atrealrealestatespecialists.com , cmyrealtor@aol.com, 917-359-1985
0 votes Thank Flag Link Fri Jun 20, 2008
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