How Are Condo Fees Calculated: The Truth Is Out

How are condo fees calculated? We’ll remove the shroud of mystery for you

Waterfront Living how are condo fees calculated

There is a lot of money moving around when you buy a condo – or any real estate for that matter. Points, closing costs, inspection fees, down payment, mortgage insurance, moving costs, taxes, and condo fees are just a few places your money gets allocated.

Some are straightforward, while others are cloaked in mystery. Figuring out your mortgage payment or closing costs is easy enough to determine. You know ahead of time what your condo fees are, but how are condo fees calculated? If you’re going to be paying a fee every month, it’s only fair that you know how those fees are decided.

[Read more…]

What are HOA Dues and Are They Worth the Cash?

It’s easy to understand your mortgage, your utility bills, and your taxes. But what are HOA dues going toward?

Life is good. You just bought a brand new condo, your career is taking off, and you have great neighbors and friends that you enjoy spending time with on the weekends. Then it comes. You’ve been expecting it, but somewhere in the back of your mind, you thought they might forget. 

That small piece of paper in today’s mail is your bill for your HOA dues. It’s not that you can’t afford it. It’s just that, well, you’re not quite sure what they’re for, either. The truth is, the answer may vary widely depending on your location, the size and type of condo you own, and even the way those dues are managed.

[Read more…]