Each time we feature a property for sale there’s usually a discussion about HOA Fees. Let’s dive into those fees.
HOA fees are designed to pay common area expenses, regular maintenance and build reserves for unexpected expenses and repairs.
Every day expenses, just like at home:
- Insurance on the dwelling
- WIFI / Cable / Phone
- Water / Sewer / Trash
- Landscaping
- Snow removal
- Unexpected repairs
Extra expenses for resort style amenities:
- Pools
- Hot tubs
- Exercise rooms
- Locker areas
- Game rooms
- Elevators
- Sprinkler systems
- Legal / Accounting Expenses
- Heating and cooling for common areas
- Parking lots / garages
- Maintenance staff
As you see, the first set are common costs that each of us pay at home. Your condo is no different. We are sure we missed a few.
The second set is what drives up the HOA fees. These “extras” are items that attract guests to visit and vacation at these locations. We think it’s safe to assume that 99% of us DO NOT have an elevator in our home. Those with pools and hot tubs at home know that these items are pricey to have and maintain.
In summary, there is a lot that goes into these fees. It’s always best to understand what is and is not included in the fees. That’s what the pros do.
