Quote:
Originally Posted by The Yen Man
Typically, condo fees I've found reasonable would be ~$0.50 per sqft. If I were looking to buy a condo, I'd typically stay away from older condos, and ones that have a pool. Pools are money pits, and can cost a lot to maintain, which means higher condo fees. There's a reason why older condos sell for so much lower vs. other real estate. They're oftentimes saddled with high condo fees, and you risk having a special assessment.
I guess a special assessment is really not that much different than if you bought an older house and had to put significant money into fixing it up. People do tend to think of condo special assessments as not directly benefitting them as much because it's used to fix a communal building, rather than going towards your own house.
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Yeah, people dump all over condo fees, but the windows on my house were a five figure bill. Paying it monthly in reserve fund contributions is probably better for most people.
I think $0.50/square foot is probably a bit light to be sustainable in the current insurance market, but $0.60-$0.65 is doable.