If you’ve ever looked into buying a condo, in addition to your monthly mortgage payment and property taxes, you’ll be required to pay monthly condo fees. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we want you to know exactly what these fees cover. Generally, they pay for the maintenance of any amenities outside your personal living space that you share with your neighbors—like, the hallways, parking lot, and yard. Condo fees are your percentage share of the costs to run the building as a whole. These fees cover exterior maintenance and utilities (such as water, sewer and trash removal). Most condo fees include a homeowners insurance policy that covers exteriors and shared common areas. There are expenses that don’t come up on a monthly, or even an annual, basis that will need attending to, so a well-managed condo board will charge owners a certain amount per month that will go into a reserve fund which covers things like paving, reroofing, replacing water heaters, exterior painting, hallway and lobby flooring and redesign, and more. Check out below to see what sold in Windridge Place in October 2016:
45833 Ashford Circle, Novi: 4 bedrooms, 2.2 bathrooms, 3,039sq. feet, 3 car garage, Sold Price: $490,000
In addition to your monthly condo fees, special assessments might arise. Every once in a while something big (such as a roof or an elevator) gives out, and there aren’t enough reserve funds to cover it. In that case, the condo owners will have to pay an extra fee for these additional expenses, typically tacked on to the usual monthly condo fees in small amounts until the assessment is paid off. For more information on Turtle Creek, or similar Northville or Novi neighborhoods such as Walden Woods, Quail Ridge and Timber Ridge, contact The DiMora Team today at 248-505-7728 or firstname.lastname@example.org.