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| Thursday, January 08, 2009
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| IHG Insurance (National Insurance Provider) |
| Providing Community Association Insurance for over 25 years: D&O Liability, Crime Products, Umbrella Coverage and Property Manager's Errors & Omissions Liability. |
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| Author |
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OliviaS1
(Tennessee)
Posts:1
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| 08/12/2008 1:33 PM |
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| Our condo HOA is experiencing budget crunch because of needed repairs. An assessment and raising the monthly fee seems possible. I have discovered through many years as a Realtor that once older units raise fees, it always reduces the value & desirability of the condos because fewer people are willing to pay - especially when the majority of homeowners are nearing retirement age. Have you found this to be true in your areas? |
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SusanW1
(Michigan)
Posts:2316
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| 08/12/2008 2:13 PM |
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I'd take a well-established, well kept condo with a higher fee any day, rather than a run down looking one with lower fees.
As long as you see "value" from those fees, then they are worth it.
Yes, it's true that the young buyers want New, new, new - but there's nothing like well kept, established neighborhoods that retain their value.
As for the "seniors" - all those years they enjoyed low fees while the prpperty value of their homes went up. Now they gripe because they have to pay with the rest of us. Sorry, I have no sympathy for those who benefitted in the past and now have to do their part.
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KirkW1
(Texas)
Posts:1190
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| 08/12/2008 5:50 PM |
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First, consider the real options here:
1) Raise dues (fees) and take a chance of reduced property values or slower sales.
2) Keep the dues (fees) the same and be sure of reduced property value and slower sales.
Reserve funds truly are critical because failure to fund will be an assurance that in the future you will have a short increase in dues. And when the retired folks complain, you should point out that if they had funded correctly, then they wouldn't face steeper charges now.
Perhaps as a realtor you could start educating clients of this when they look at condos. Just as a home should be inspected, the owners association should receive an inspection as well. And purchasing a condo based with dues that are too low is a high risk gamble since they sure won't have adequate reserve funding. |
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