Blog post topics often come from questions that I get from a Buyer during the process of looking at Midtown Atlanta condos. Today’s topic is not so much a question as a statement made by a Buyer. So it got me to thinking….
- How long do you need to put gas in your car?
- How long to you have to keep insurance on your home?
- How many days can you stay up before you need sleep?
Ok, the last was a stretch…but the point being, if you want your car to keep running, you will keep putting gas in it.
In the case of a Midtown Atlanta condominium, How Long Do We Have To Pay The HOA Fee?
- How long do you want the elevator to get you to the 30th floor?
- How clean do you want the hallways, lobby,pool, fitness center, club room?
- Do you want the 150+ security cameras to work and keep and “eye” on the building?
- When you get a package, well do you want to get a package?
Those are just some of the services or necessities (elevator I think!) that you may use when you live in a condominium. And someone has to pay for the upkeep of all these services or amenities.
Enter your homeowners association (HOA). It is the responsibility of the HOA, along with the Board of Directors and the Property/Association Manager to make sure all of the above happens, or is working. But let’s relate this to a single family home for a moment.
Do you have a pool? A fully equipped fitness center in your garage or basement? Ok, you have a treadmill. What happens when it breaks? Ah, you gotta call somebody. Y-O-U have to call someone. In a condominium, when the treadmill stops working, you call the Concierge, who in turn reports it to the Property Manager and a service call is placed. This is often referred to as…convenience.
How much do you spend on a pool service? A do-it-yourselfer? How much time and what’s the cost of the chemicals to keep the pool clean and healthy?
See where I’m going? You may pay an association fee of $200-$450 a month (or even higher depending on the building and the square footage of your condo) EVERY month, but you also have all these services and amenities….every month to use. Now, if you don’t ever plan to use any of these kinds of amenities, then yes, condo living may not be for you.
Another factor could be your commuting costs. Do you live way OTP (Outside the Perimeter) and commute to Midtown or Downtown every day? How much time do you spend in your car morning and night? Gas? Wear and tear on the car? Imagine leaving your car parked all weekend as you walk to festivals, restaurants or just lounge on your balcony and take in the city sights and sounds?
Yes, you will pay your HOA fee as long as you live in your condo. But just look at all you are going to enjoy!