Home Owners Association (HOA) fees
If you are the typical homeowner, in addition your mortgage and home owner’s insurance, you write several checks every month for things like: water, electricity, gas, garbage pickup, cable, possibly a health club membership and a security service. Some of these checks are a monthly standard and others such as the utilities can vary dramatically depending on the season.
If you are that typical homeowner but have now begun investigating condominium living you have probably been shocked by the HOA fee you’ve been quoted. I have as well, twice, but especially the first time I invested in a condominium home. The first time it was a new property and the HOA fee was incredibly low, the shock came when the condominium was substantially sold to individual homeowners and a true association was formed. We rapidly discovered that the fee was artificially low (does bait and switch ring a bell?), and had to be raised by a substantial amount to cover the real costs.
The second time I was shocked was when I bought a home here at Tarkington Tower, some 17 years ago. The shock then was that while high, I knew it to be an honest reflection of the costs of home ownership.
The fee here at Tarkington Tower is no doubt larger than I would like but when I consider what it covers, I have no complaints. Take a look at the breakdown by Tarkington Tower home type below; if it isn’t visible please scroll down.
Remember that this monthly fee, via a single “check”, covers everything (staff, utilities, cable, exercise facility, security, door person, external property maintenance and: grounds, roof, building systems, and pool plus snow removal.
That single “check” also contributes to the reserve fund that supports our long range plan designed to keep the building healthy.
If you have any questions, just use the contact form to get in touch with our property manager, but for now scroll down for an understanding of the fee components.
Click on the little picture to view the fee breakdown.