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Homeowners Association Fees
I went to look at an apartment/Condo this weekend.
I'm not going to buy it due to the sales people being ridiculously unorganized and I couldn't understand what they were saying, really. When I asked a question, they'd contradict themselves and so on. Anyway, the 1bd was $850 a month and he said that included the $148 a month HOA fee. I have never heard of HOA fees being that high, so I said "is that a month, or a year?" and he said "a month. That includes your water, sewer and garbage." Is it just me or does that not seem right at all? Can they charge that much for HOA fees? |
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They can charge whatever they want. What I suspect is going on, is that the builder set up a communal water and sewer that has to be paid for and maintained. In addition the complex pays for its own garbage removal.
Not knowing where you are we can't tell if the fees are out of line or not. |
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If that includes snow removal, grass cutting, and building maintenance, etc it might be reasonable. Water, sewer, and trash could easily be about $ 100 per month.
The HOA has some administrative costs if they handle all those payments and recordkeeping each month but really most of us have city or county taxes to deal with each year, with just about no say whatsover. I would be just as concerned about how much and how often they can increase it (as I am with my taxes). |
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Its in WA state... I was just shocked because I've thought about buying a condo, but if HOA fees are that ridiculous I'd rather pass...
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They are all over the map. It varies widely fromm condo to condo it depends on the construction, the type of complex etc. In one building your taxes may pay for such things, in others the HOA fees do.
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Check out state real estate taxes, county real estate taxes, school taxes, personal property taxes, not to mention township taxes, fire tax, ambulance tax etc on non-condo properties before you come to a final conclusion on condo fees, please. I'm not a proponent of condos (never owned or rented one) but just want you to compare apples and apples.
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Thanks smear!
I'm new to this looking for my own place thing. I've decided that I can no longer live with my mother (even though I pay half the rent its her house, her rules) and I am still learning what to look for... |
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