Buying a condo can be pretty exciting. On the one hand, you’ll have a place to call your home, an abode where you can unwind in comfort, and an investment that might turn a substantial profit someday. On the other hand, you can enjoy many conveniences that come with living in a condo community, potentially including security, on-site amenities, landscaping, and more. However, before signing on the dotted line, it’s smart to consider the full costs, including HOA premiums, condo insurance policy costs, and more. If you have questions or concerns, contact Patrick McNealis Insurance and Financial Group, serving Emmaus, PA,
Costs You Can’t Overlook When Buying a Condo
First, with many condos, you’ll have to pay a fee to a management organization. This is often called a Home Owner’s Association (HOA) fee, and the costs can vary widely. With some condos, it might be just a few hundred dollars. With others, the fees could exceed a thousand dollars. These fees will pay for various things, potentially including landscaping, garbage fees, and more. What’s covered will vary, so read the fine print.
Often, HOA fees will help pay for repairs for community property, such as the road or the roof on a high rise. However, extra fees will sometimes be charged to pay for extensive repairs. It’s wise to inquire to see if there may be hidden or unanticipated costs.
Another cost you shouldn’t overlook is insurance. While the condo management company may take out an insurance plan, it likely won’t cover everything for your personal unit. If someone breaks into your condo and steals stuff, it might not covered under the condo management’s insurance, for example. The right personal condo insurance plans, however, may provide coverage. If you need help selecting condo insurance, contact Patrick McNealis Insurance and Financial Group, serving Emmaus, PA.