The Gold Coast Standard and Darien Real Estate

What do Condo Fees Cover? Darien Condos for Sale

I plan on writing  individual posts on each of the condo complexes here in Darien. In the meantime, I thought Id offer some information on what is typically covered under monthly condo fees. Although many of these items are not applicable to Darien properties, it is helpful to have a full overview should you be looking to buy elsewhere.

So what are the typical things that condo fees cover in Darien or nearby towns?

The first thing is what is called Master Insurance.This is the insurance policy that the condo association purchases to cover the buildings structures and common areas. Usually,you are responsible for insuring the contents of your unit and some banks insist upon it.

Depending on the town ,your fees may or may not cover water and sewer bills.Some associations use a formula that prorates the cost according to the  number of residents and others simply pay from one meter and use the association fees.

Most of the expenses covered by fees are simply the dividing up the cost of home ownership and are used for things such as snow removal,landscaping,common utilities,management fees and building maintenance.

Some condominium complexes offer amenities like swimming pools, tennis courts,paddle courts,gyms, doormen, and elevators. If these amenities are not important to you,look for another complex. You will be paying for them whether you use them or not.

Large scale projects like replacing roofs,painting etc can be financed in a couple of ways depending on whats laid out in the condominium association documents. If the association takes a long term view, these expenses may be anticipated and will not require an additional assessment.

Other boards prefer to keep common charges low and assess the residents as large project come up.

Be sure you review the “condo docs” carefully before buying to assess what your additional fees are likely to be as well as how well the board is managing your money.

This entry was posted on Monday, February 22nd, 2010 at 7:26 pm and is filed under Buyers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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