The Average Condominium Fee Association Assessment
Condo life offers residents access to amenities such as a lawn and a swimming pool, without the responsibility of maintaining them. Owners must pay a fee, usually monthly, to the association in charge of maintaining the community.
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Features
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Every condo association offers a different variety of conveniences. These can include features such as a fitness center, heat, water, an on-site clubhouse that residents can book for events, outdoor maintenance, and salaries of groundskeepers, security personnel and maintenance workers.
Many condo associations also have a reserve fund, where a portion of your fees will go into a savings account used for special expenses. Reserve funds typically cover things such as repairs to the exterior of the building and paving the parking lots.
Function
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Condo owners typically pay monthly fees that range from approximately $100 for low-end condos to $700 for high-end condos. Fees are also determined according to the amenities that the condo association provides to you.
The cost of your individual unit can also play a role in determining your monthly fees. For example, two people may live in the same building but own different-sized units, so the person with the larger unit would typically pay a larger fee. This is especially likely in buildings where condo fees covers the individual gas bills of each unit.
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Considerations
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Condo fees are always subject to change. If you purchase a newly constructed condo, the building developer will likely be the one setting the initial fees. As time goes on, owners typically form a condo association and elect board members who take control of the building's budget and determine the necessary association fees.
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References
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- Photo Credit condominiums comforatble affordable living for eve image by Nellie Vin from Fotolia.com pool and paradise image by Patrick Moyer from Fotolia.com
