Condominium Association Fees - What Are My Monthly Fees Going Towards
When you move into any sort of condominium association you will likely have to pay monthly assessments. These condominium association fees will vary based on the type of home you live in and the services and amenities you get for the fees. There are a variety of pricing levels that will fit various budgets and will largely be based on the services and amenities that you are receiving.
What Are Common Amenities/Services Offered Covered By Condominium Association Fees?
Condominium association fees cover a variety of different amenities and services based on where the home is located. The following are some typical amenities and services that are covered by the condominium association fees:
- Maintenance: The COA fees have to cover the maintenance for the buildings and facilities that the condo has to pay to keep everything running and in good shape. This can include parking spaces, laundry facilities, game rooms, spas, saunas, pools, gyms, and other amenities that may be offered. Any sorts of cleaning fees that are incurred may be paid for by the condo association.
- Grounds Maintenance: The grounds that the condo association maintains have to be paid for as well. This can includes grass cutting, landscaping, cleaning the pools, repairing fitness equipment, etc. If you live in certain areas this will include snow removal or replanting landscaping each year to keep the grounds looking their best and keeping them in premier condition.
- Provided Amenities: Amenities are provided at many condominium associations. Association fees are used for the maintenance of these amenities and keeping them in proper working order.
- Security: If the community has a gate with a security guard or security vehicles that travel around to keep residents safe, the community has to pay for the equipment and the salaries for the workers. If someone is paging into the building to allow only those who are invited in then they have to make sure those people are also paid as well. Installing and maintaining security systems and cameras are also additional expenses for the condo association.
- Utilities: Many COA/HOA fees include each individual unit's utilities such as heat, air conditioning, water, electric, cable, and wifi/internet to name a few amenities that may be included in the paid fees. This makes it easy for the people living there as their COA/HOA payment covers their
- Insurances: Many condo association fees include some of the insurance that each individual living unit costs for homeowners insurances for liabilities and possible damages that may be done to the living units in the event of any sort of disaster from a hurricane to a tornado or even flooding. This insurance also covers the general common grounds for any damages that may be done to the facilities and amenities that the people living in the community may use.
- Emergency Funds: Emergency funds are for any time things break down or extra expenses are incurred. For example, the pool's heater breaks and needs replaced or a building catches fire or gets flooded and needs repair. This is the fund that the condominium association must pull from to cover those problems when and if they arise.
- Trash/Recycling Removal: Many condominium assessment cover trash and recycling removal for all of the people living in the units within the neighborhood.
These are only a few of the things that condominium assessments could cover. The condo assessments end up saving people who live there a lot of other individual expenses that they would have to pay if they owned their own home and were paying for things out of pocket. Assessment rates will depend on the amenities and services offered, and generally run at various rates to help fit different budgets.
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