Posted by: Hewitt & Habgood Realty Group | January 25, 2017

Why High Dallas Condo Fees May not be a Bad Thing

dallas-condo-feesIt can be easy to see a high condo fee, get scared and think it’s a bad thing. A recent survey did state that HOA and condo fees are a key element in the decision for buyers. It was stated that participants in this study believe these feels are a lot like paying rent. Some even move on to other properties without the high fees.

What do Condo Fees Cover?

Before buyers just look at a higher condo fee and run, it’s important to understand what you’re paying for. Typically, condo fees range from about $100 to $1,000 per month and they are in addition to your mortgage payment.

Condo fees cover maintenance for any common building elements, such as landscaping, exterior maintenance and window cleaning. Those owning a home have to cover these costs on their own.

Can Higher Fees Be Good?

Condo fees are expected to go up every year due to inflation. Each condo board sets the rates and the increased, so this may not be completely accurate, but it’s rather standard. This may have some buyers in the Dallas area considering only condos with the lowest fees. However, this could be a mistake.

condosIf the HOA fee of the building you choose is unrealistically low, it could lead to deferred maintenance. This could lead to the end of the road for the building, especially if it’s older, sooner than you might want. A building that’s well taken care of has a much better chance of escaping costly upkeep emergencies, holding value and even appreciating for those living within it.

Higher condo fees are not always a bad thing, as you really do get what you pay for. Those paying low fees may end up living in a building falling apart a few years down the road due to deferred maintenance. Of course, this doesn’t mean you should only consider condo buildings with fees on the higher end of the scale, either.

When you begin searching for a Dallas condo, make sure your real estate agent asks about the history of the corporation. It’s important to find out about the maintenance reserve fund and any special assessments for potential repairs. A look at the HOA fee history will help to show you what you’re really getting into.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s


%d bloggers like this: