So many people want to own a condo here in SW Florida until they learn about the so called "high HOA fees". Why are some fees 750.00 per quarter and others 4000.00 or more per quarter? The higher of the HOA fees will typically be either be bundled golf communities, meaning that you do NOT pay extra to play on the golf course other than perhaps a small fee for cart rental. Other higher fees would be based upon the location of the condo, i.e. condos that are beach or bay front will have much higher insurance costs due to their location verses other inland condos that will have much costs to insure.
So lets discuss the lower HOA fees, some of my clients also balk at those fees, however when you break down what you are receiving in benefits the costs are easily justified. For example and for the sake of argument lets use an average fee (so a non-golf or non-gulf condo community) you may have a fee of say 1000.00 per quarter. What does that 333.33 per month get you? First you will have in most communities exterior building insurance, if you were to purchase homeowners insurance on your own residence, what would that cost perhaps 100.00 per month or more? Next, part of your fees are going to cover the future cost of a new roof, paint and all other repairs, this is done with reserve accounts whereby some of your fees are placed in special accounts used to cover these repairs which will be needed. So you will not have to come out of your pocket for a roof, 10,000-40,000 or more for a single family home or any of the other normal maintenance items that you may now be incurring. Next you have amenities, the cost to maintain a pool, tennis courts, clubhouse etc. Just for a private pool, you would spend around 80.00 per month. Security, if the community you like has a gate or a guard at the gate or is patrolled, this is another included cost.
I have not even mentioned the regular expenses that you would have in a non-HOA community like lawn & landscape, 100.00 per month, irrigation water, perhaps 75.00 per month which is what I pay for mine, insect spraying is about 60-80 per month, many communities also include water, basic cable and private residence security systems which would easily cost you 50.00 each..
Once you add up what it would cost you if you had to pay these fees on your own, you will likely agree that it is acceptable to pay this fee in lieu of incurring these expenses individually.
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