A common misconception of buying a condo is that you are an official homeowner maintaining all rights to your property. Purchasing a condo essentially means you co-own the premises with all other condo owners. You must abide by certain rules and restrictions that the Condominium Association has established. As a condo owner, you also must pay a fee each month for upkeep of the property.

Although certain condominiums may cover different things, here is a general overview of what you can expect your monthly dues to include when purchasing a condo. Please reference your contract to ensure each of these amenities is in fact covered in your agreement.

As a condo owner, you are directly responsible for everything within your walls. If a pipe breaks, or your dishwasher is on the fritz, it is your responsibility. Unlike an apartment, you do not have a landlord or landlady responsible for repairs.

Your dues cover all exterior problems in addition to amenities your condominium may offer like tennis courts, pools, spas, weight rooms, etc There should be an office where you can file repair forms.

Condo fees normally cover gardening, roofing, shoveling, painting, and general upkeep. These monthly dues also pay for normal operation such as electricity for outside lights. Gardens should be well manicured, pools should be clean, and all lights should be operational at all times. Elevators should be in working order.

Some fees may cover universal services for the entire complex like cable. Water, sewage, and garbage are normally covered in your monthly dues. Check if any of these utilities are covered in your fee.

A condo fee includes insurance. Although the association purchases and maintains the property hazard insurance, each owner pays their portion of their insurance in their monthly dues to the association. In some areas, floor or earthquake insurance may be extra. Carefully read your insurance contract to see exactly what is covered and what is not.

Monthly dues also cover workers on the premises. Doormen, security, and maintenance are usually included. As with all exterior problems, pest control is also included in the monthly fee.

A portion of your monthly dues will be stock piled in a reserve for future projects. This reserve is normally set aside for large repairs or upgrades to the property.

Large improvement projects may require an additional payment referred to as a "Special Assessments" when existing funds do not exist to maintain proper upkeep. Roofing, repainting, or replacing pipes may be included in this division.

Condos are a wonderful purchase for people who want control over their home, but don't want to worry about general upkeep and repairs. Condos are also wonderful investments if you enjoy amenities like pools and gyms on the premises.

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