3 things you must know before you buy a condo in Hawaii.
If your realtor hasn’t mentioned these important issues, you need to dig a little deeper on your own.
- AOAO fees (aka maintenance fees or HOA fees)
In Hawaii, every condominium development is required to have an AOAO (Association of Apartment Owners). The association is comprised of the condo owners who are responsible for running and maintaining the condominium complex. So, when you become an owner, you get a vote in how the complex is managed and you have some responsibility for maintaining the property.
With AOAO fees, you need to know not just how much you have to pay, but what do you get for your money, i.e., what is paid for by the AOAO, what are the extra costs that come out of your pocket, are there any assessments pending (and how do you find out) and how well are the reserves funded.
At a minimum, all AOAO’s are responsible maintaining the condominium’s “common element”, i.e., the grounds, the pools, the exterior of the buildings usually including the roofs and so forth. That’s the minimum, and that is all that some AOAO’s maintain. This is OK, because you know that up front and your fees should be lower than some other complexs that cover more items with your fees.
And some cover much more.
Here you can see some of the things the AOAO pays for, landscaping, water, pools, water, roofs, chaise lounges repair maintenance covers, gas for tiki tourches and insurance for all kinds of things.
I'll expand mone on the kinds of things you AOAO fees cover and how much the fees should be in the next blog on 3 things you must know before you buy a condo on Maui. Or read the entire article 3 things you must know before you buy a condo on Maui.
And visit our website for other information about owning real estate in Maui and Hawaii, www.AlohaPotts.com.
Lahaina Lee Potts
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