Buying a condo can be very different from buying an apartment or a house, and the main reason for that is that there are all kinds of rules that are unique to this type of real estate. Learning about all of these rules is going to be essential if you want to buy the perfect condo and live in it without having to worry about the unexpected occurring.
One phrase that you would have heard time and time again if you have been trying to buy a condo is “association fees”. High association fees, low association fees, the reason for either of these things as well as an opinion on whether that makes the condo a good investment or a bad one. However, you might be wondering what association fees are exactly. They clearly play an important role in your potential purchase, so you would do well to learn as much as you can about them.
Basically, when you buy a condo you also buy a membership of sorts to the association that is formed by the various residents of said condo. All of these residents get certain benefits such as cleaning services, laundry services, gardening services and the like. In order to pay for these services, every member of the association is going to have to pay a fee which can be taken on a monthly, quarterly or even annual basis.
If you are paying high association fees you should be getting comparable amenities and services, so before you sign anything you should ask what the association fees would get you and why they cost as much as they do. Hazel condos prices are impacted greatly by the association fees that you would be paying, so be careful when you are scouting for a place to buy.