Home Owners Associations and fees are part of ownership of a condo or villa.
We're frequently asked what the difference is. When you own a condo, you basically own everything inside starting at the walls. Typically, then the outside is the responsibility of the home owners association. With a condo, the association must maintain the roof, exterior, any land and landscaping, snow removal, and other common areas.
With a villa, the association, typically, only owns and is responsible for lawncare and snow removal. You are responsible for outside paint, the roof, doors, landscaping, etc.
Not surprisingly, condo fees are usually significantly more than villa fees because of the added responsibilities of the association. The association also should have a capital reserve for repairs and replacements of things like fencing, roofs, exterior paint, etc. Sometimes, if not enough money is available, there will be a periodic special assessment to cover something major like reroofing an entire development.
If you are considering buying a condo or villa, be sure to investigate fully. Review the rules, regulations, restrictions, and financial statements. A sound association provides long term value for it's members.
Also, consider how you would fit with the life style of condo or villa living. Some people are averse to too many rules and regulations. If that's you, consider something else!
Finally, insure that any condo or villa you are purchasing is in compliance with the current rules and regulations so that you aren't surprised with an unexpected bill to bring your new condo up to compliance.
Kelley Knitz has been a RE/MAX agent for over 26 years and is in the RE/MAX Hall of Fame and is a long time member of the Toledo Board of Realtors Million Dollar Club.
1911 Indian Wood Circle
Maumee, OH 43537