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How does Condo association fees work? Asked by Iluvlansdowne, Lansdowne, PA Thu Sep 17, 2009. I am a first time buyer and am looking into getting a condo because I cant find a single home or townhome within my price range. The question I have with Condos are there is an association Fee that you have to pay.
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What Your Fees Pay For. Pest Control – HOA fees should cover the cost of regular inspections and treatments from a pest control company. Insurance – Insurance for communal areas is paid for out of the HOA fees. In the case of condominiums this only covers damage to the building itself and surrounding property.
Q: I am an 80-year-old woman who lives in a townhouse condominium. There are 95 units, and my condo fee. does. I have never heard of a volunteer given a salary. Have times changed that much? A:.
Fees. Co-op fees tend to be higher than condo fees because co-ops roll all the monthly expenses into one bill, including gas, water and property tax. condo fees just include routine maintenance.
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“I describe it like doing laundry – you can go do your. inspection fees however, the price turned out to be closer to.
The level of fees a condo owner can afford is often a matter of his personal finances, although condo units with low monthly fees may not necessarily be a better bargain than those with higher fees. Consider the extra amenities, such as the use of a pool or on-site workout facility and the costs of using those elsewhere.
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In my neck of the wood: all townhouse/ attached condos have HOA fees and they are very high. Banks and HML stays away from them because it’s sometimes hard to resell after foreclosing. If you are planing to refinance or sell in the future, I’ll suggest you do more due diligent before you buy. Good luck.
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There really aren’t "normal" condo fees because as the writer pointed out you really have to research what is included in the condo fee. In my condo bldg, we have a staffed front desk and fee covers HOT water. For some older bldgs, heat may be covered if generated by steam. Also, my condo fee is based on the square footage of your unit.