Condo and townhouse association fees can vary greatly from complex to complex, and buyers can get excited when they find a complex with low dues. But before you jump for joy be sure to take a look at what the dues cover… and even more importantly, what they don't cover.
Among other things, low association dues can mean…
- The association doesn't cover much, and each unit owner is responsible for almost everything except lawn care and snow removal
- The association pays for repair/replacement costs through special assessments rather than association reserves
- And more…
Higher association dues can sometimes be a good sign…
- That the property is well maintained and well cared for
- That you don't have to worry about unexpected expenses because the association covers nearly everything except electricity
See these posts for more information on what condo/townhouse associations may or may not cover…
- Condo vs Townhome vs House
- Is your association's repair/replacement plan fully or partially funded?
- No Dogs Allowed…about CIC association restrictions
Sharlene Hensrud, RE/MAX Results – Email – HomesMSP.com
