This is probably one of the first questions that pops into your mind when crunching numbers and looking into different complexes. Most monthly fees include things like water, sewer, basic cable, internet and trash just to name a few. You will notice these vary from complex to complex.
When you are walking around a complex deciding if this is the one for you, take a look at the landscaping and maintenance involved. Monthly fees also covers the costs of these common areas. Complexes with lots of beautiful greenery, multiple pools, elevators and so on, are going to require more maintenance and attention. As well as reserves to allow for future repairs.
What are Reserves?
You will get to see the Reserves Study for the complex during the closing period. It’s actually a contingency that you will need to sign off on that you have read and understand it. A good reserve will have money set aside for things like painting the buildings, replacing the roof, resurfacing the pool.. Ok you get the idea. Some complexes need higher reserves because the buildings are older and they know that they will need to have more money set aside to allow for maintenance and repair projects.
Avoid the possible Special Assessment
Always be sure to check the Reserve Study. During your escrow process you are given a large amount of documents for the Complex. In here you will find lots of financials on the complex and see what their current and future plans are for their reserves. You want to feel comfortable that the complex has been and plans on putting enough aside for future repairs and maintenance. The last thing you are going to want is to worry about getting a special assessment on top of your monthly maintenance fee for a repair that wasn’t budgeted for. But lets face it, sometimes…it happens.
Chelsea Rosario found her transition into real estate a natural fit after owning a local business where she had the opportunity to educate and support people in meeting personal health goals. She finds that working with clients in either searching for, or selling, their home, is also a way to support people in reaching goals that help them live the lives they imagine.