High Condo Fees - Not Necessarily Bad News
Posted by Bill Mann on
A recent survey finds that among those who are seriously considering buying a condominium in the coming year, nearly a quarter of them consider condo fees a key element in their decision. According to the study, participants think HOA fees “feel a lot like paying rent” -- sometimes causing buyers to switch focus toward properties for sale where they “won't have to pay the [high] monthly fees."
Psychologically, it’s understandable. The concept of paying $400 or more a month (condo fees vary from $100 to $1,000) as a “fee” on top of a mortgage can indeed feel a lot like paying rent. But not all costs associated with owning property are readily apparent.Â
For example, most condo fees include maintenance for common elements like landscaping, snow…
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