What do condo HOA's really pay for?

By
Real Estate Agent with RE/MAX Premier Realty

Condo HOA Dues

What am I paying for?  What do I get?

 

The most common reaction from many condo buyers is their reluctance towards paying condo fees.  The concept of a condo fee is often misinterpreted and misunderstood.  In fact, condo fee has a great deal to do with the major benefits of living in a condominium.  The condo fee/maintenance fee may sound like an extra monthly burden to some: but this is not necessarily true if you count the many benefits that you receive in return.

 Here is an example of potential savings for a condo that I currently have listed at The View 600 Admiral Blvd (#608) in Kansas City.  Monthy HOA's on this property are $492 a month.  This property has a 21 year full tax abatement remaining. 

Taxes:  Fully abated for the next 21 years, currently only $362 per year

Insurance: Contents only and Liability for unit, not building; about $200 per year

Fully Electric: No gas bill, estimated savings of nearly $200 a month

No Gym Fee: Savings of about $40 a month

No Yard Maintenance: Savings of $50 a month

No Security Fee: Savings of about $35 a month

Lower Electric Bills: Averages about $120 a month

HOA dues pay for trash, water, cleaning of halls and common areas, door men, maintenance on pools, common areas, etc, and all amenities.

 

Taxes:                                                                                                           $3500.00 a year

Gas:                                                                                                              $2400.00 a year

Water:                                                                                                            $1200.00 a year

Security:                                                                                                         $480.00  a year

Gym Membership:                                                                                             $480.00 a year

Yard Maintenance:                                                                                             $600.00 a year

Electric Savings:                                                                                                $350.00 a year

House Maintenance:                                                                                        $2000.00 a year

 

Total                                                                                                            $11,010 a year

HOA ($492 x 12 months)                                                                              $5904 a year

 

$5106.00 A Year in potential SAVINGS!

 

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Ambassador
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Ralph Gorgoglione
Maui Life Homes / Metro Life Homes - Kihei, HI
Hawaii and California Real Estate (800) 591-6121

I agree.

Condo fees eliminate many responsibilities that a homeowner would normally incur without an HOA.

May 10, 2010 05:31 AM #1
Rainmaker
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Al Raymondi
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales

Good numbers Carrie.  In our area most condo associations also pay for standard cable under a master contract for all units.

May 10, 2010 05:51 AM #2
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Rainmaker
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Carrie Cowan Holder

Cowan & Company Realtors
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