What do Condo Fees Cover?
One of the best ways to review what condo fees cover in the condo that you are purchasing is to review the budget for that year. You can review all the line items so you can see where the condo fees are going. There will be small differences in all condo associations. In the purchase agreement it is the time to ask for these so you can review it along with the condo documents.
Reviewing the minutes of the last condo association meeting will give you the buyer an idea of what future expenses may be. It is common to ask for the condo minutes of the last tow years to see what the owners are talking about. Many times it is improvements that will make the complex better. Many times it is about issues that need to be taken care of so the values and quality will remain in good shape.
I always get asked about condo fees going up. That will happen over time as things do get more expensive to repair and replace. Its fairly common to not have large jumps in fees. Having a condo association that builds reserves is a way to keep the future bright for planned upkeep and improvements. So look at the reserves as a savings account for the future financial health of you condo association.
1477 Louisiana Ave. Suite 101
New Orleans
LA
70115
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