February 18th, 2021
If you’ve been considering purchasing a condo unit, you must have come across mentions of condo fees. Although it’s common knowledge that condo maintenance bills come at a lower price compared to a large home, condo fees shouldn’t be taken lightly.
Read on to learn more about what condo fees include, how often they have to be paid, and what may happen if you miss your payment. Once you have the right information, you can start going through the listings for Gaslamp Quarter condos for sale in San Diego and planning your move.
What do most condo fees include?
Even though the cost of owning a condo is significantly lower than if you own a big family home, the routine upkeep, emergency repairs, and other expenses still need to be paid for. The condo or HOA fees are determined based on the estimated value of every co-owner’s unit. As an owner of a unit, you could attend the meetings of the condo board to check how the fees are calculated and spent.
Condo fees differ greatly from one condominium to the next, as extra amenities, such as a gym, game room, or a swimming pool, add to them. However, this means that you have easy access to these assets, which is a huge benefit for most people, whether they’re seniors looking for comfort or busy parents with young children. So, lower condo fees don’t necessarily mean you’ll be saving up because the amenities you’re paying for make up for the expense.
The fees typically cover these features:
- Regular maintenance of the exterior and common areas, such as gardening, elevator upkeep and repairs, hallway cleaning, roof and chimney inspections, pest control, and more
- Security, including the work of security guards and the maintenance of surveillance cameras
- Insurance policy that provides coverage in case of damage to the common areas and the exterior of the property
- Utility costs, like trash collection services, cleaning of the shared areas, water, heating, sewer, electricity, and cable TV
- Reserve fund, used to finance occasional large-scale renovation projects, like paving or painting of the exterior walls
The fees don’t cover the expenses for the upkeep of your condo unit since they are your sole responsibility.
How often do you pay maintenance fees with a condo?
Maintenance fees are paid in either monthly or yearly installments. Although they are generally fixed, it’s possible for them to go up over a longer period of time as maintenance expenses increase.
What happens if you don’t pay condo fees?
In case you don’t pay your HOA fee, you will be informed of missing your payment and the potential consequences of skipping payments. For example, you may be required to pay interest. If you fail to abide by the HOA’s rules and regulations, you could be denied entry to shared amenities. If the fees continue to go unpaid, the HOA may file a lawsuit against you or even start a foreclosure on your condo unit.
How do I find premium Gaslamp Quarter condos for sale in San Diego?
Who wouldn’t love to live in a stylish, modern condominium in the hip Hillcrest area of the bustling Gaslamp Quarter? With The Neuman Group, you could be moving into your new condo residence in no time. Our agents will offer you an unsurpassed selection of luxury condos in San Diego’s most sought after neighborhoods.
We are a team of highly accomplished real estate specialists who’ve been working in the business for decades. We’ll be happy to resolve all of your real estate dilemmas, including those related to condo fees. Reach out to us to start your home hunting process today. Become the owner of a first-rate property in the heart of San Diego!
