Condo Buyers Afraid of Association Fees?

By
Real Estate Agent with Counselor Realty, Inc.
Over the past few years, I was involved in the listing and sale of a newly constructed condominium project in the City of Excelsior, MN  The big question for many of the prospects was "What are the Association Fees and what do they cover?" Hearing one monthly number always seemed to frighten them.  I often said, Why don't you take your average monthly bills for all your utilities, maintenance, paint and repair of siding & roofing, seasonal landscape and snow removal, insurance, repairs, etc. and add them up?" They were often surprised that the cost of maintaining their homes on an average monthly basis was higher than the one bill they got to pay their Association Dues.  This also didn't include in some cases the extra amenities in their buildings of a guest room, underground heated garages, an elevator, etc.  It really isn't that scary.  It's just another way of looking at the costs of home ownership, whether it may be a single family home or a condominium.

Comments (3)

Larry Wright
nwRealty.Com - Tacoma, WA
Excellent method for overcoming the objectin to association fees.  Thanks for the insight Nancy.
Oct 30, 2007 06:36 AM
Nancy Middleton
Counselor Realty, Inc. - Excelsior, MN
Nancy Middleton, Counselor Realty, Minnetonka, MN
Larry:  Thank you for taking the time to respond to my Condo Association fees blog.  I learned this information and insight from calculating my own home expenses before I bought a unit in the project I was selling. Nancy
Oct 30, 2007 07:18 AM
Crystal Brummer
Brummer Realty - - Saint Louis Park, MN
Lake Calhoun, Uptown, St. Louis Park, Minneapolis Specialist

Hey Nancy,  good to see you are keeping up with your blogging!  I have been seeing that more and more with condos.  I think a lot of condo or first time homebuyers are just not aware of how much it actually costs to maintain a condo building or a home.  Maybe we could put together an informational class on this??

 See you Thursday!

Nov 07, 2007 07:04 AM