Buying a condo is decidedly different than buying a single-family home. Condo ownership comes with its share of unique circumstances, so it is important to understand the many ways in which condos differ from single-family properties. In short, there are a number of questions you should be asking when you begin looking at condo properties:
- What are the Homeowners Association (HOA) fees?
HOA fees are additional fees that you must pay when living in a condo. Also called association fees, HOA fee funds go toward building upkeep and maintenance, grounds maintenance, garbage removal, and building amenities, such as swimming pools and fitness centers.
HOA fees are typically paid each month, and vary widely from one condo building to the next. HOA fees can have a large impact on your budget, so understanding these fees is a very important aspect of owning a condo. Expect HOA fees to be higher in condo buildings that offer many resident amenities and services.
- Who supervises the disbursement of HOA fees?
Most HOAs are run by a condo association, which is commonly made up of a board of condo owners.