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!