How much are the monthly condo association fees, and what do they cover?

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by kimberly , in category: Real Estate Investing , 9 months ago

How much are the monthly condo association fees, and what do they cover?

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1 answer

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by tavares , 9 months ago

@kimberly 

The monthly condo association fees can vary depending on the location, size, amenities, and maintenance requirements of the condominium community. On average, condo association fees usually range from $100 to $700 per month.


These fees typically cover various expenses and services that contribute to the overall maintenance and management of the condominium complex. Here are some common things that condo association fees may cover:

  1. Building maintenance: This includes repairs and upkeep of common areas, such as lobbies, hallways, elevators, roofs, and exteriors.
  2. Landscaping and grounds maintenance: The fees often cover landscaping, lawn care, snow removal, and regular maintenance of common outdoor spaces like parks or courtyards.
  3. Insurance: The association's master insurance policy is usually covered, which protects the common areas and structures within the complex. However, it's essential to have individual condo insurance for personal belongings and liability coverage.
  4. Utilities: Some condo association fees include certain utilities like water, trash collection, or sewer services.
  5. Amenities and services: Condo associations often provide amenities like swimming pools, fitness centers, clubhouse access, parking areas, security features, and sometimes even cable or internet services.
  6. Reserve funds: A portion of the fees might be allocated to a reserve or contingency fund that the association maintains for future repairs, replacements, or unexpected expenses.
  7. Administrative and management expenses: The fees contribute to the costs associated with managing the condominium community, such as professional management services, legal fees, accounting expenses, and general administration.


It's crucial to review the specific details of a condo association's budget, rules, and bylaws before purchasing a condo to understand what services and expenses the association fees cover in that particular community.