< BACK Subscribe

The Hidden Costs of Buying a Condo

October 1st, 2019

HOA/Maintenance Dues
Most condos will have either a home owner’s association or a property owner’s association that is responsible for replacing broken windows, maintaining the landscaping, and replacing old roofs. However, this service comes at a cost. Condo owners will typically be charged a monthly, quarterly, or annual fee to cover these expenses along with upkeep for any amenities the community offers such as a pool or tennis courts.

Special Assessments
Special assessments are additional dues that are charged to cover expenses that aren’t considered routine maintenance or that are beyond what the standard dues can cover. These unexpected expenses are divided among the homeowners to cover unplanned expenses such as storm damage, new amenities, or projects to protect the health and safety of residents.

Additional Insurance
The condo’s HOA should cover insurance for the exterior of the building, but homeowners are responsible for insuring the interior. Depending on the location of the condo, you may need additional insurance to protect your interior from flood or storm damage.

Knowing what to expect to pay for your condo is important. So is hiring an experienced agent who has your best interests at heart. Contact me if you or someone you know is thinking about making a move!

Join the discussion

To post a comment on this blog post, you must be an HAR Account subscriber, or a member of HAR. If you are an HAR Account subscriber or a member of HAR, please click here to login. If you would like to create an HAR Account account, please click here.

Login to Comment
Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®

Join My Blog

The latest real estate news, local events, and home ownership tips.
16228 Huffmeister Rd, Cypress, TX 77429   Get Directions
Phone: (832) 912-4454
Fax: (713) 758-0256
  • Archive
    •     2019
    •     2018
    •     2017
    •     2016
    •     2015