![]() A pool requires cleaning and maintenance, a sun deck needs flowers and the wood deck sealed, an exercise facility requires safe and modern equipment. The more amenities the building offers, the higher your HOA fees will be. You will, therefore, be required by your lender to have homeowner’s insurance for the condo’s interior, and your monthly HOA fee will include a payment toward the building’s common insurance. Ownership of a condo is often referred to as “walls-in,” because the building itself and its common areas are jointly held by all of the owners while actual ownership is limited to the individual unit. You will confirm all this information during the attorney approval process when you read the bylaws and declaration, but knowing up-front will help you to better evaluate the property based on possible future expenses. And, while you may feel like you own your own home, the exterior will have to conform to the homeowner’s association rules, including the color you paint your front door.Įven when you know if a townhome is fee simple or a condominium, ask before a showing if the homeowner is responsible for roof repairs, windows, and tuck pointing. Other townhome communities are condominiums, and, like units in a high rise, the owner owns the interior, and pays dues to the association to maintain the common areas. Towhomes may be owned “fee simple” meaning you own and maintain the exterior of the townhome as well as the land. ![]() Types of HOA Association Fees Townhome HOA Fees Ask your realtor, what is and isn’t included, so you can accurately determine whether or not a property is within your budget. However, there is so much variability among condo buildings and townhome communities, it s recommended that you become familiar with the various HOA fee structures before you begin your property search. The term HOA or Homeowner’s Associate Fee, refers to the monthly fee an owner pays for the use of a condo building's common amenities, including the exercise room, the pool and sun deck, the services of the building's staff, a professional property management company, if the building has one, water (in Chicago), and, in most cases, the building’s common insurance ![]()
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