HOA fees
Overview: Condominium and townhome ownership typically comes with homeowner’s association (HOA) fees. Before purchasing a condo or townhome it is important to understand the cost, how often it is paid, and what is included in the fee.
What’s included: Liability and flood insurance, exterior maintenance, garbage/snow removal, and pool upkeep are typically included.
Cost: Will depend on the amount of amenities, size, age, and location of the building. Condos or townhomes with a pool, waterfront with bulkheads, and are large and new will have a significantly higher cost than those without. Costs range from $250/month - $1,186/month
Payment schedule: Most HOA fees are billed monthly or quarterly. Public listings will typically include the price in the property description.
What to look out for: During due diligence look for major rule changes like ability to rent the property out, services provided, and changes in management.
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