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Answers (3)
- Sharon Lewis, "Sharon Lewis"
- Contributions:3917
Great question, even if you don't see it, always ask if there is one and also if there are any special assessments you need to be aware of.
- Elaine Manfredi, "Elaine Manfredi"
- Contributions:39
No, there is no set % for HOA/condo fees. They are normally set by the developer or condo association. You should ask your agent or listing agent for the condo fee on the unit(s) you are interested in. This is important because this is a monthly expenditure for you. This fee will also be used in qualifying you for your mortgage, which can impact what you qualify for. Best of luck to you!
- Cindy Greenwald
- Contributions:58
No, condo fees ( I am assuming you are referring to the monthly "dues") are determined by either the developer if it's a new project or ultimately the HOA Board, once in place. The HOA fees must be sufficient to build a "reserve" along with the costs of maintaining the building on a daily basis. Many first time condo buyers do not understand what the condo fees are actually used for. Generally the HOA docs and all supporting information, including minutes from past HOA meetings, is available to the buyer once they are in escrow. You have your inital 17 days to do your due dilligence and be sure you understand how and where your dues are going. Most HOA's do an excellent job in running their assoication, since it's their investment they are protecting. Best advice, get involved with your HOA, that way you'll have more control of how your organization is run. Good luck!
Is there a general % for HOA/condo fees as I don't see that infor in listings?
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