Condo association fees are dues that go towards the repair and maintenance of the building���s common living areas, such as pools, hallways, elevators and lobbies. The fees also cover the costs of landscaping, roofing, sidewalks and the building���s exterior, which helps protect property values for all unit owners.Continue Reading
As of 2015, condo association fees range from $100 to $700 per month and vary depending on location, amenities and services provided by the association. A condominium with concierge services, gyms and tennis courts has more expenses than a complex that provides only basic maintenance, and the association fees reflect those costs. The condo association fee also pays for seasonal services, such as grass cutting and snow shoveling. The condo association can also charge special assessments in addition to the monthly or annual fees to cover major expenses, such as the purchase of a new elevator. Condo association fees do not cover repair costs when the owner is at fault for the damage.
The condominium association consists of unit owners, and every owner is a member. The association also has an elected board that handles maintenance, repairs, owner disputes and developer deals. Condo associations also set community rules called covenants, conditions and restrictions. The rules can dictate what constitutes noise and parking violations in the community, require approvals for unit rentals and renovations, and restrict pet ownership. In some states, condo associations can foreclose on a member with delinquent fees.Learn more about Real Estate