Buyer agents beware!! When selecting the right new condominium community in which to live, the monthly condominium fee should be reviewed with great detail. Pay attention to the pattern of adjustments that have occurred from year to year. Consider the upkeep of the amenities that are provided within the community.
Do the proper research if there is a system on site with which you may not be familiar, i.e. a waste water treatment plant. Waste water treatment plants are required if town sewer is not available and the number of units in the community exceeds a certain number. These treatment plants are governed by EPA standards and are subject to inspections periodically. There are upgrades that the EPA requires every five years and these upgrades may create a significant increase in the condominium fee. As condominium fees increase, the market value of the new units may decrease.
Buyer agents beware!! Do your proper due diligence when it comes to researching the future maintenance requirements of whatever on-site amenities and utilities the community offers. Make your condominium selection wisely with both eyes open and compare condominium fees in all subdivisions.
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