2. HOA and Condo Fees
If you decide to buy a residence within a homeowners’ association or a condominium association, you should expect to pay a monthly or quarterly fee. This charge is often required and includes costs for things that benefit the entire community.
So, you’ll end up paying for garbage collection, snow plowing, or pool maintenance if your association has contracted with a private company to perform all these services. Note that these fees can rise, or your association may need to charge a special assessment for other projects such as repaving the parking lot, installing a new security system, or revamping common areas or buildings. Are you willing to take these risks?
