What the monthly fee actually covers, how to read the reserve study and budget, why condo financing differs from a single-family loan, and the questions to ask before the document review period closes.
Lucas Murphy, Realtor - eXp Realty. Phone: (414) 458-1952. Email: lucas.murphy@exprealty.com.
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Typically the building exterior, roof, common areas, master insurance, snow and lawn care, and a contribution to reserves. Water, heat and parking vary by association, so compare what is included before comparing two fees against each other.
A one-time charge levied on owners when the association needs money the reserve fund does not cover, such as a roof, parking deck or elevator. A thin reserve fund is the leading predictor of one, which is why the reserve study matters more than the fee itself.
It can be. The lender underwrites the association as well as you: owner-occupancy ratio, budget, reserves, litigation and the share of units owned by any single entity. A project that fails review can require a larger down payment or a different loan product.