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What kind of service are you getting for that Condo fee?

What kind of service are you getting for that condo fee?

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Buyers of condominiums know that there is a wide variety of fees charged by condo fees.  Sometimes they are just covering the basics - master insurance, landscaping & snow removal.  Sometimes, they cover much more including water, sewer and heat.  Maybe there is a pool and the fee covers the maintenance of that too.  A good REALTOR will make sure that the Buyer is aware of what the fee is, what is covered and what is not.

Just knowing what the fee covers is only half of the information.  As I was driving around in the snow today for some showings, I encountered some properties where the snow had not been plowed or not plowed very well.  If you are paying a fee for that service, it should be done well and promptly.  So, if you are thinking of buying a condo, take a second (or third) look.  Drive by some time after it has snowed and see how the plowing was done or drive by at a random time to see how the landscaping is kept up.  I had a client who drove to one complex after we had seen it and found a couple of residents to find out how they thought the complex was managed and if the fees were used wisely. 

Some condo fees can be hefty.  Take the time to do your research and have your agent do research to determine whether or not you get what you should for that fee.

Finally, if you decide to put an offer on a condominium, make sure that your offer has a contingency period for review of the condominium documents and financial statements as I discussed in a previous post

If you are considering buying a condo in Canton MA or in a Norfolk County community, contact me to find out how your Canton MA Buyer Agent can help.

 
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The content provided on this blog is presented or compiled for your convenience and is provided for informational purposes only. The information provided on this website should not be construed as offering legal, financial or other advice to be relied on by the reader to make or refrain from making any decision or to take any action. 

 

Christine Smith is an Attorney and Exclusive Buyer Agent with over 25 years of experience in the real estate field. 

 

(c) Copyright 2010-2015 Christine M. Smith, Attorney and Buyer Agent. All rights reserved.

Comment balloon 11 commentsChristine Smith • December 21 2010 10:30PM

Comments

Hi, Christine!  This is important advice.  Often, fees go to pay for things like legal fees, at least down here where owners tend to sue if they can't get along. 

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) almost 8 years ago

Christine,

Interesting post and very good advice... don't have condos in my area but I recognize good general advice when I read it!

Posted by 1 ~Judi & Don Barrett & Chassy Eastep - Integrity, BS Ed, Integrity Real Estate Services -IDABEL OK (Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745) almost 8 years ago

Very good advice for condo buyers. It always shows good service of the Realtor to check into these paid items.

Posted by Don Wixom, "Looking out for your next move..."tm (RE/MAX Advantage Nampa, ID) almost 8 years ago

Christine,

With many condo associations in financial trouble, this is extra-important advice!  Just because something is called for doesn't mean it is really getting done in a timely manner.

Posted by Irene Kennedy Realtor® in Northwestern NJ (Weichert) almost 8 years ago
Thank you for the comments! Too often condo buyers go in blindly and think their fee will just take care of everything.
Posted by Christine Smith, Exclusive Buyer Agent & Attorney, Canton, MA (Buyers Brokers Only LLC - www.BuyersBrokersOnly.com) almost 8 years ago

Good post Christine.  Condo sales can be tricky for the buyer and agent if neither knows the nuances of condos (fees, convenants & restrictions), etc.

Posted by Charita Cadenhead, Serving Jefferson and Shelby Counties (Alabama) (Keller Williams Realty) almost 8 years ago

Thanks Charita!

Posted by Christine Smith, Exclusive Buyer Agent & Attorney, Canton, MA (Buyers Brokers Only LLC - www.BuyersBrokersOnly.com) almost 8 years ago

Good advice. Thanks for the post. Thank goodness we do not have a snow problem here. We do however have many problems with wind and salt spray wear and tear.

 

 

 

 

Posted by Tom Bailey (Margaret Rudd & Associates Inc.) almost 8 years ago

Thanks Tom.  No matter where you live, there are always unique problems and issues that buyers need to look out for.

Posted by Christine Smith, Exclusive Buyer Agent & Attorney, Canton, MA (Buyers Brokers Only LLC - www.BuyersBrokersOnly.com) almost 8 years ago

Thanks Christine, inclusions in Condo fees do vary considerably.  It is very important information for our Buyers.  I'm going to reblog this and suggest it.  Thanks again Margaret C.

Posted by Margaret C. Taylor, St Marys/Calvert/Charles MD Real Estate Agent (Century 21 New Millennium MD) almost 8 years ago

Thank you Margaret!

Posted by Christine Smith, Exclusive Buyer Agent & Attorney, Canton, MA (Buyers Brokers Only LLC - www.BuyersBrokersOnly.com) almost 8 years ago

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