This is an excerpt from our "2024 Condo Outlook" webinar...
MYTH BUSTER: CONDO HIGH HOA FEES ARE NOT FOR REASONS MANY THINK!!
Condos were intended to be an attainable form of housing that would have the same type of expenses as a single-family home but when you put 25, 50 or 100-300 units under one roof and then spread those expenses across those units, it was to be a much more efficient and affordable solution.
For instance, the rule of thumb is that we should save 2-4% of the purchase price of our home, each year, for maintenance.
The idea was for condo owners to share those expenses and to either have access to more amenities for the same price or to decrease those expenses from 2-4% to 1-2%.
At least that was the original intention.
But because past condo owners unknowingly did not fill those "maintenance savings accounts" properly, today's condo owners are paying the price!
BEWARE OF THE LOWER HOA FEES - THAT COULD BE A RED FLAG OF AN UPCOMIING ASSESSMENT!!
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