Before deciding whether the condo life is right for you or not, do a little research on your own. Would you be willing to purchase a fancy condominium, join the homeowner’s association (HOA), and take money out of your own pockets to pay a considerable monthly (or annual) fee? How much would you be willing to invest in your own comfort? In order to respond to these questions, you need to take a few factors into consideration, like the average HOA fees, for instance.
What Are HOA Fees and How Do They Actually Impact My Monthly Budget?
Before buying that lavish condominium that you’ve always dreamed about, start thinking about all of the expenses that it implies. Of course, you’ll benefit from a wide range of amenities, including an elevator, an underground parking lot, clubhouses, a swimming pool, a gym, security gates and more; but these first-class amenities require a regular maintenance routine and trigger monthly expenses supported by you and the other residents.
If you want to make the most of luxurious amenities, be prepared to pay high HOA fees to maintain your celebrity lifestyle. Generally speaking, the average HOA fees range anywhere from $200 to $500, paid on a monthly basis.
Are There Hidden Fees I Should Worry About?
Living in a fabulous condominium has its perks, but it can definitely make you pinch pennies in the long term. Be prepared to deal with an extra assessment, charged by the association every single time a new improvement is taken into consideration and the HOA funds aren’t enough to cover its costs.
For instance, you might be forced to come up with more money, aside from your monthly HOA fee, when the association has to face significant expenses correlated with a new roof, a new elevator, a new gym, and so on.
Ask an Expert
Are you worried that your new condo life will leave you high and dry in no time? Want to know more about average HOA fees? In this case, contact a real estate expert as soon as possible to get accurate answers to all of your questions. Find the best one by consulting TalkLocal, your primary source of contact with hundreds of reputable service providers living and working in your area.