Is Condo/Loft Living Right for You? What Will The Association Fee Cover?
Minneapolis/St. Paul condos & lofts may be an excellent living choice for first time buyers making the leap from a rental unit, working professionals looking for the convenience of living & working downtown, empty nesters or individuals looking to downsize, or seeking a second dwelling.
Individuals who are looking to purchase a condos or lofts are buying the condo or loft unit in which they plan to live-in or use as an investment property. They are buying the interior unit itself. The remainder of the building is considered shared living space. Most (if not all) of the condo building maintenance will be covered by an association funded by monthly association fees which are paid by every owner in the complex. Fees typically cover maintenance expenses within common interest spaces, such as stairwells, roofs, decks and more as well as amenities such as pools, garden areas, exercise rooms, etc. Additional expenses such as management fees, insurance expenses, lawn/snow care, utility usage within each unit and grounds keeper salaries may be included in the monthly fee, which is commonly based on the size of the unit or it may be a fixed amount.
Is Condominium Living Right for Me?
Condominium associations do provide living restrictions within the units; you will have to abide by whatever rules and restrictions are in place for pets, visitors, laundry, colors of paint on exterior doors, etc. If you are looking for a great Downtown St. Paul/Minneapolis urban living situation and are comfortable with the association rules, you may appreciate the ability to go about your life free from the hassles of building maintenance. In some cases, your utilities and outside hazard insurance expenses will be included in your monthly association fee, which also covers maintenance of all common interest (shared amenities) aspects the building, such as roof top gardens, indoor and/or outdoor pools, exercise and entertainment rooms and beyond.
Most Association Fees Based on Size of Your Unit
In some cases, the monthly condominium association fees are based on the square footage of the unit. This is logical when you consider that larger units generally have a higher utility usage and house a greater number of people who use amenities within the building. Also, if any major building renovations or repairs must be undertaken, larger units occupy a greater percentage of the space, leading to proportionally higher fees. The original developer of the condo determines whether different units pay different rates; some do utilize a flat fee for all owners. Once the developer has completed their role in the project, however, the association itself is free to change the rules of the organization. Working closely with your Minneapolis/St. Paul Condo Realtor will help you select the perfect living situation that meets all of your needs at a price you can afford.
If you are looking to buy a condo or a loft in Minneapolis, St. Paul or the surround areas, please feel free to contact me at your earliest convenience.