At some so-called “condo-tels” the fees will cover items that guests might expect like cable television and basic telephone. If your condo has air-conditioning you definitely want to know if electricity is covered or if you are going to get a separate bill for it every month. So, in some cases, you pay more and you get more for your money.
How much should your fees be? The fees should be enough to cover the operating expenses and reserves for your development. So the next questions are:
· how much are the operating expenses,
· how is the budget determined,
· how are reserves set and
· is the complex you are looking at now adequately reserved?
And just as important is, how do you get the information?
The first thing to do is to ask your realtor. S/he probably won’t know the exact answer but should be able to give or at least get some basic answers. Even though you get the basic answers, you still need the details. You won’t get the details until you’ve made an offer that has been accepted and you get into escrow.
Once you get into escrow, the condo owner, the seller, is required by contract to provide you with what ever condominium documents you request within a reasonable time frame. The time frame is negotiable, however we usually request that sellers get the docs to you within 5-10 days. We usually ask for another 5-10 days for you to review the docs.
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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