HOA Fees on Condos, also any other taxes or hidden feels

Asked by pokertigress66, Dover, NH Tue Jul 9, 2013

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Lake Bishop, Agent, Denver, CO
Tue Jul 9, 2013
I would also look in to the financial condition of the HOA make sure they are solvent, have enough reserves, and do not have any pending lawsuits Also when looking at the Taxes make sure there are not any special assessments for the area. .
0 votes
Maggie Murphy, Agent, Kailua Kona, HI
Tue Jul 9, 2013
Aloha! The condo fees and property taxes are certainly critical to factor into your costs when determining what property to purchase. There is no "hidden" agenda.
In the event that you decide to rent your property whether as a vacation rental or long-term property, other taxes come into play. Then when you sell the property, there is a conveyance tax and HARPTA or FIRPTA (if you are a foreign) buyer that will be assessed. I will be happy to embellish on these items should you wish me to do so. Mahalo!
0 votes
Martha Tumbl…, Agent, Kailua Kona, HI
Tue Jul 9, 2013
Aloha pokertigress66, Thanks for asking the question. In addition to monthly maintenance fees on condos, the owner is always responsible for their own property taxes - just over 1% of the assessed value on Hawaii Island if not living in the property as your primary residence. If it is your primary residence, then the property taxes can be about half of that amount and even less once you are over the age of 60. You need to be careful to make sure the condo is fee simple and not leasehold, or there will be additional fees for the land lease. All these fees are fully disclosed and never hidden from the prospective buyer when you use a reputable Realtor to help you through your purchase.
0 votes
these condos where on a website online
Flag Thu Jul 11, 2013
My Husband and I are interested in condos on Alii drive Kona. We looked at some condos and they mention furnished. Are these really furnished, or is the site lying to us?
Flag Thu Jul 11, 2013
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