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Old 08-17-2014, 12:45 PM
 
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if I buy a condo, do I have to pay Condo fees or HOA fees. Where exactly is the difference?
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Old 08-17-2014, 03:44 PM
 
Location: Miami/ Washington DC
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You usually pay maintenance fees. The fees include cost for security, maintaining the building and any amenities it has such as the pool and gym etc.. Almost all of the time it includes your water, and sometimes it can also include cable and Internet and some other fees.

HOA for a home is very similar and pay for the same things besides for water or any other utilities.

In both you can always have an assessment which would be large temporary increases to the fee for major projects. Such as fixing all the balconies or repairing a bridge in a neighborhood.
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Old 08-18-2014, 02:55 AM
r_k
 
Location: Planet Earth
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Quote:
Originally Posted by kitty2014 View Post
if I buy a condo, do I have to pay Condo fees or HOA fees. Where exactly is the difference?
They mean the same thing, the terms are often used interchangeably.
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Old 08-18-2014, 09:01 AM
 
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same thing n yes it high in miami due to hurricane protection insurance n fraud claims
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Old 08-18-2014, 10:04 AM
 
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We had a place in Florida. And this can be the same all over.

A home unit can be part of a larger (Master) Association. In that Master Association there could be townhouses, condos, single family, zero lot line homes, patio homes, courtyards homes, some of these, all of these or one of these, whatever.

There is the Master Association fee for the things available and common to ALL the sub associations, say, a larger pool or two, the pretty grass and flowerbeds as one drives the roads through the community to get to the several sub associations, perhaps small bodies of water. (There may also be golf club membership or country club membership or even yet another pool membership for a different set of country club type fees.) This fee will include saving up for painting and repairs and replacements of these items common to all.

Then there is the sub association fee that covers, say, the grassy median strip down the center of the parking area of the condos or townhouses, the trees and pretty flower beds here and there, the landscaping in front of the individual properties where, perhaps, the homeowner can plant flowers and shrubs but the company hired by the sub association manager will mow and maintain. Perhaps small ponds. There may even be a tennis court and a pool private to a sub-association. This fee will include saving up for repairs and replacements.
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Old 08-18-2014, 11:04 AM
 
Location: western East Roman Empire
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Quote:
Originally Posted by kitty2014 View Post
if I buy a condo, do I have to pay Condo fees or HOA fees. Where exactly is the difference?
As mentioned, the two terms are basically interchangeable, however, the former is always in connection with condos, while the latter is often in connection with single family homes or maybe townhouses.

Also, as mentioned, the single biggest item in the condo fee structure is wind insurance which covers the building roof and its outside walls. The unit owner or renter is responsible for insuring the inside walls and inside content.

The second biggest item is usually electricity expenses/maintenance for common areas and facilities (e.g. lighting, air conditioning, elevators), then security personnel if there is security staff.

Also as mentioned, the condo fee almost always includes water (but not the electricity to heat water), trash removal, landscaping, pool maintenance if there is a pool, gym and other sports-type amenities (maybe tennis courts) if any [in this connection, someone mentioned golf & country club, master associations, etc., which could be another big thing in some high-end luxury cases] and increasingly basic cable and internet service [for the regular folk].

Finally, as mentioned, there may be special assessments for various reasons.

Before finalizing a purchase, you have a right to inspect the condo association charter, but also insist on seeing copies of its financial statements for at least the past three years.

Especially in newer buildings with contemporary amenities, the condo fee is a significant expense, and it is forever, so know what you are getting into, and be comfortable with it, before you finalize a purchase.

In fact, it may be comforting to know, according to my calculations, to cover all those expenses alone as a single-family home owner can cost around 10% more than the average new condo fees, plus you have to devote the time to managing all those relationships separately forever, in contrast to the condo fees which you take care of in one relationship forever, one monthly check, or one monthly automatic bank withdrawal.

But you have to weight the pros and cons for your particular case.

Nonetheless, hope this helps.

Good Luck!
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Old 08-20-2014, 07:50 AM
 
Location: Heartland Florida
9,324 posts, read 23,237,803 times
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Quote:
Originally Posted by bale002 View Post

In fact, it may be comforting to know, according to my calculations, to cover all those expenses alone as a single-family home owner can cost around 10% more than the average new condo fees, plus you have to devote the time to managing all those relationships separately forever, in contrast to the condo fees which you take care of in one relationship forever, one monthly check, or one monthly automatic bank withdrawal.

But you have to weight the pros and cons for your particular case.

Nonetheless, hope this helps.

Good Luck!
Generally my experience has been that a single family home is a lot less expensive to maintain than paying condo fees. I have not had to spend any significant amount of money on my home since building it in 1990 or my latest home I built in 2010. In fact, my home saves me money as the garden provides food and fuel for my own use. People I know who have lived in condos complain constantly about the expense and lack of results. Worst are the condos made from old time rental apartments. A good example of that is Village of Dadeland which is currently falling apart and loaded with code violations. The condo fees went straight in the pockets of some people and nothing has been improved in a long while. Another property I know of is in Weston which has the HOA and besides the fees it is a hassle to do anything at that home, including having a vegetable garden which is banned. The neighborhood is not pleasing to the eye, with a cookie cutter appearance and very poor quality construction.
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Old 08-20-2014, 08:20 AM
 
Location: western East Roman Empire
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Quote:
Originally Posted by tallrick View Post
Generally my experience has been that a single family home is a lot less expensive to maintain than paying condo fees. I have not had to spend any significant amount of money on my home since building it in 1990 or my latest home I built in 2010. In fact, my home saves me money as the garden provides food and fuel for my own use. People I know who have lived in condos complain constantly about the expense and lack of results. Worst are the condos made from old time rental apartments. A good example of that is Village of Dadeland which is currently falling apart and loaded with code violations. The condo fees went straight in the pockets of some people and nothing has been improved in a long while. Another property I know of is in Weston which has the HOA and besides the fees it is a hassle to do anything at that home, including having a vegetable garden which is banned. The neighborhood is not pleasing to the eye, with a cookie cutter appearance and very poor quality construction.
We all have our own measures and each case is different.

I believe you when you say that the houses you built - with your own hands - are more cost efficient than any condo building built by a for-profit construction company.

But how many people are capable of building their own houses, or even making such decisions as what kind of roof or thickness of walls? Very few.

But the same can be said of any other necessity, such as education, medicine or money management.
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Old 09-01-2014, 11:26 PM
 
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thank you all for taking your time to respond it really helped me to open the knot
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Old 09-02-2014, 06:42 AM
 
Location: South Beach and DT Raleigh
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I live in a luxury high rise on the beach and a very large part of my condo association fees goes to the building's windstorm insurance policy. Many South Florida single family homes go without windstorm policies because of their very high premiums but you'll be hard pressed to find a condo without one. In addition to amenities, these fees also support on site staff including property managers, maintenance personnel, etc. For luxury high rises, fees will also pay for front desk staff, valet service and other personnel that gives those buildings a level of service similar to hotels.
I'd echo what some others have said about purchasing a condo in a converted suburban apartment complex. Many of those conversions seem as if they are just efforts to wring the last trickle of profit out of an aging complex before they become a maintenance nightmare.
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