My Condo #1 HOA Fee Goes Up Again
November 11th, 2008 by KenricI guess I have to bitch about this every year. Every year at budget time our trusty board at my condo #1 always has to raise HOA fees. Seems like they fall short of money every single year.
I realized that I forgot to bitch about this last year because my last post about this was in 2006. Oh wait, I did mention it early this year. This is one reason why I hate investing in condos. You just cannot control this expense. Fortunately, this condo is on such high demand that I can raise rents every year to cover it.
- June 2003 – HOA $158 (pre-construction estimate)
- Jan 2005 – HOA $161
- Jan 2006 – HOA $223
- Jan 2007 – HOA $261
- Jan 2008 – HOA $281
- Jan 2009 – HOA $303
Keep in mind that we are talking about a 760 sq. ft. one bedroom condo! Another thing I noticed today is that the higher floors pay more than the lower floors. Even though we have the same floor plans, I pay more than the floors below me. I’m trying to understand this and all I can come up with is that higher floor condos use the elevators more and contribute to more wear and tear on it and the stairs?
Anyway, looks like I’ll have to raise rents by $20 next year.
Posted in Real Estate | 8 Comments »
Stumble it!
Better view @ the higher floor.
Not that you can opt out…
By Anonymous Coward on Nov 11, 2008
Yeah but how does that affect my percentage of building owned???
By Kenric on Nov 11, 2008
That is interesting that you pay higher dues the higher up you are in the building — I have only heard of dues being increased across how many square feet the condo is.
Although, the lower floors in a condo building are arguably less desirable.
By Alison on Nov 11, 2008
That’s true but the HOA fees are not determined by condo value. They are determined by percentage sf of your condo vs. the building.
If the other were true, condos with a lake view would have higher HOAs than the others.
By Kenric on Nov 13, 2008
I can’t afford to pay my HOA fees on my condo home anymore. Can I opt out of the HOA? I have lived here for only a year and the fees have gone up three times, $50,$70, and now $100.
Please give me some solid advice.
By Cassia on Nov 21, 2008
You have to pay the HOA fees you cannot opt out of them.
By Kenric on Nov 21, 2008
LOL. That would be like opting out of real estate taxes, income taxes, etc.
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