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This often includes either a) full-time staff, in the case of building with doormen or maintenance staff, or b) payback of construction loans or mortgages taken
by zamfi 7y ago
This often includes either a) full-time staff, in the case of building with doormen or maintenance staff, or b) payback of construction loans or mortgages taken to pay for maintenance.
But: do you live in a house? I assume you haven’t had to maintain it much yet...new roof, new heating, new sewer line, renovations, etc. all cost tons of money. I’d be surprised if for a house > 50 years old, you’re paying less than a few hundred a month on maintenance on average.
- toasterlovin 7y agoThe rule of thumb for home maintenance is 1% of purchase price per year. Which isn't $800/month for most people, but is around the few hundred per month you mentioned.
- antisthenes 7y agoI actually have already (replaced the AC compressor, which cost ~$1600). Landscaping was about $500 for the whole year. Either way, that's only $2100, compared to something like $10,000 I would have paid in HOA fees in an older condo around the same area. Renovations are not-at-all comparable, as they are strictly an improvement. I don't know of a single HOA that came in and renovated someone's condo for free. 1% of house/land value is still cheaper than HOA fees in 90% of cases.