What Do Condo HOA Fees Usually Include?
A home owner’s association is a group of local residents that work together to plan neighborhood functions, amenity and communal space upkeep, and amend and enforce condo rules in an effort to maintain the values of all condos in the building.
If your building has a pool or workout facility, then your HOA dues will go towards the maintenance of those and any other amenities the building has to offer, as well as the staff required to oversee or assist during working hours.
Master Insurance Policy
It is important to know that most condo owners are responsible for insuring their personal property and maintaining the space inside the condo, but the HOA fee will cover a master insurance policy for the building.
This will include coverage for storm damage, leaking roofs, and liability around the property. Nontraditional Condo HOA Fees With the broad range of condos and buildings available to purchase, you will also run across some HOA fees and situations that are atypical, but worth asking questions about. Condotels – This type of condo is a mix of a hotel and condo, which can commonly be found in popular travel spots along the coast and in big cities.
The last thing you want to do is buy a condo and find out that a special assessment of several thousand dollars is due. Always do your research and work with a knowledgeable Realtor when making your condo purchase, so that you know exactly what is covered in the specific condo HOA fees for that building.