One of the many benefits to living in a condo is having little maintenance. However, that comes with a price tag. Every condo development has dues that are paid by each homeowner. These dues help the development run smoothly and make sure all items are taken care of. What the dues cover is up to each development and association but MOST development dues cover:
• Exterior maintenance: lawn care, snow removal, landscaping, general maintenance
• Shared items: If you live in an attached condo, it might cover your roof, any sort of shared driveway/encroachments, sidewalks etc.
• Common areas: Clubhouse, mailroom, hallways, pool, etc.
• Reserve Fund: The association needs a specific amount in their ‘reserves’ to make sure they can pay for any unforeseen necessities and also so they are not operating at a loss.
A lot of developments are adding additional items like cable tv, internet or heat to make paying the dues more appealing. Most dues are paid monthly but some offer an annual amount as well.
Condos downtown typically have a monthly dues rate of approximately $.29 – $.40 per square foot. Some are higher or lower but that is average. When figuring out your monthly mortgage payment and bills, be sure to include your dues as well!
Ashley Dietch: (616) 284-1528