This is the seventh in my Mission Valley condominium "Condo living" series. To find previous posts in the series, simply click here.

All Mission Valley condo complexes have owner's associations which charge the owners dues, fees, and special assessments.

Condominium Association dues are typically paid monthly and can range from about $175 to almost $1,000 for condominium high-rise towers. Mission Valley condominium assocation dues rarely exceed $500 per month, and the average for the 39 condominium complexes is probably about $250 per month.

Your dues typically pay for common area maintenance, such things as:

• pool and spa maintenance
• landscaping lighting and night lighting
• street, curbs, and walkway maintenance
• maintenance on lakes, ponds, streams, and fountains
• pruning trees and bushes
• cutting the grass
• planting seasonal flowers
• new exercise equipment when something breaks
• replacing broken windows in the club house after a rowdy party celebrating the Chargers' upcoming Super Bowl victory
• exterior building maintenance, such as painting, and
• standard roof maintenance
• limited insurance, usually for common areas
• trash pickup
• water and sewer service

Depending on the reserves of the Owner's Association, occasionally a special fee or assessment is charged to all owners of record on a specific date. Usually you'll get at three months notice when these fees and assessments are charged. An example is when special work needs to be done to a specific building, such as when owners have to move out of a specific building for a few days while the building undergoes termite control procedures, such as tenting the building. Because the cost is relatively small, all things considered, a special fee will be charged to cover the cost.

Special assessments usually are related to more significant costs. For example, after the October 2003 and October 2007 wild fires, many older condominium complexes began replacing their wood roofs and wood siding to make their buildings more fire resistant. The cost of doing such work can be quite expensive, so a special assessment will be charged. Usually you'll get at least six months notice so you can begin saving.

I often hear people complain about Condominium Association dues, fees, and assessments, but they really are no different than what you pay when owning a home except that the overall expense to you is often much less because the total cost is shared by all the owners of condominiums.

When you buy your condominium, make sure you check the financial reserves of the Condominium Association and get the Association business meeting minutes for the last twelve months. The better the reserves of your Association, the lower any dues, fees, and assessments are likely to be. Any special fees and assessments coming down the line will show up in the business meeting minutes for the last twelve months.

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Jim Frimmer, Realtor
Century 21 Award Mission Valley
California DRE License #01458572
619-729-5701
jimfrimmer@century21award.com

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