#special-assessments

#special-assessments

What is the monthly condo fee, and what exactly does it cover? In the Seaport, these fees often include 24/7 concierge, fitness centers, and snow removal, but may exclude in-unit utilities or parking. Are there any planned special assessments? Ask if the association is preparing for large, one-time charges for major repairs like roofs or elevators. What is the current balance of the reserve fund? Healthy reserves are critical for avoiding future assessments and ensuring long-term maintenance.

Becoming a first-time homeowner brings excitement, but it's crucial to plan financially, especially for condo or townhouse owners, as they have additional monetary responsibilities compared to traditional homeowners. From unexpected repairs to monthly costs, understanding the financial implications of owning a condominium is essential. Condo ownership entails more than just the purchase price; additional costs like home insurance, property taxes, and HOA fees need to be factored into your monthly budget.