what is a condo fee

It is the responsibility of The Division of Florida Condominiums, Timeshares and Mobile Homes to enforce the Florida Statutes covering condos and HOAs. If you’ve paid more than $100 in transfer fees to your condo association as an owner or a tenant, there are a few things you can do.

Condominium fees cover the operation of the association that controls the common areas of a condo project. Depending on your project, the fees could pay for vacuuming hallways, painting the exterior of your building or keeping the pool clean. Since your condo is considered a personal expense, usually your HOA fees aren’t tax deductible.

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Differences Between a Condo Fee & an HOA Fee. Whether you live in a condominium unit or a neighborhood with a homeowners association, or HOA, that takes care of neighborhood upkeep, you’re going to see a recurring bill to cover condo fees or HOA membership. In many ways, these fees are.

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Myth About Condo Fees or Maintenance Fee in Condominiums. The most common reaction from many condo buyers is their reluctance towards paying condo fees or maintenance fee. The concept of condo fee is often misinterpreted and misunderstood. In fact, condo fee has a great deal to do with the major benefits of living in a condominium.

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In the condo, you can expect hardwood floors. Be prepared for a broker’s fee equal to one month’s rent. (Check out the complete listing here.) Ninth Avenue and west 38th street (Hell’s Kitchen.

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Condo fees are generally paid monthly or quarterly. A quarter is 3 months, so to calculate what a quarterly payment would be monthly, just divide by 3. For example, a condo fee of $1500 per quarter equates to a monthly fee of $500 per month.

Hi SAIFEEX, Good question! A condo fee is a monthly payment to the condo association, which is made up of all the owners. The fee is determined by the board of directors and management company to meet the budget of costs to operate the association.

As a condo owner, you’ll have to pay HOA fees, which are typically based on the percentage of the development you own. For example, if you own a three-bedroom, 2,000-square-foot unit you’ll.

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