are condo hoa fees negotiable?
145829
HOA Fees Are Usually Non-Negotiable Generally, you cannot negotiate HOA fees. The fees have a lot of governing legal documents that can include your state's HOA and/or Condo Act as well as bylaws and/or Covenants, Conditions and Restrictions (CC&Rs) that apply to all homeowners in your specific HOA.
343607
Except for condominium, HOA are rather rare in Canada. Potentially, they exist for some gated communities… but when some gated community do exist, these are pretty rare in Canada. ... To my knowledge, in Canada, the HOA never replace the “Zoning” done by the municipality.
959356
Just because a new-build property is new, it doesn't mean the asking price is non-negotiable. That's right, you can make an offer in the same way you would if you were buying an older property. Of course, it's up to the developer if they wish to accept a lower offer or politely decline it.
380319
If not, your HOA might be required to pay your legal costs. Many times a development's governing documents provide that if a board member is sued in connection with board duties, the HOA will indemnify (pay back) the board member for the costs of the lawsuit (including attorney fees).
836914
Condos can be a good idea and often aren't. Living in a small space is a great idea. Big issues with condos are losing a lot of control over your investment, HOA fees, frequently you can't rent them, and extra depreciation risk (people always seem to be buying brand new ones...).
1442250
Perhaps not surprisingly, GST/HST is applicable to condo fees subject to two exemptions: Section 13 of Part 1 of Schedule V of the Excise Tax Act and the small supplier rule. ... If all the units in a condominium complex are residential units, the fees charged by the condominium corporation to each unit will be exempt.
1375573
['Rec Center Annual Fee = $445.00 (per deeded owner)', 'Disclosure Fee = $115.00 (one time)', 'Monthly Fee = Monthly fees vary & apply primarily to condos/patio homes.', 'Transfer Fee = $240.00 (one time fee)', 'Capital Improvement Fee = $3,500.00 (one time fee)']
982273
Fee Breakdown (2020): Multi-Family (Condos)- $365.00. Townhomes, Duplex, Executive Villas, Laned Homes, Front Attached Garage- $485.00. Beach Access Homes ( i.e gate from backyard leads directly into the park)- $850.00. Lake Front Homes- $970.00.
130668
The IRS requires the fees be used to pay for the maintenance of common elements such as grounds and elevators. Special assessments for major improvements levied by the HOA in addition to monthly fees may not be deducted. You can depreciate the cost of such improvements over time via a depreciation schedule.
1356554
When purchasing a condo, you will have to pay a mandatory, non-negotiable monthly fee that covers a wide range of expenses. Generally, condo fees (also known as strata fees) will partially cover your utilities, contribute to your reserve fund and pay for maintenance of common areas in the building.
1428967
What is a special assessment? Most condo or HOA homeowners pay monthly fees. ... Typically, a portion of the condo fees is allocated to the association's reserve fund—essentially a rainy-day fund for larger, occasional expenses such as paving, re-roofing, replacing water heaters, exterior painting, or hallway flooring.
954591
While buying a condo as a rental property is not an ideal real estate investment due to HOAs, shared expenses, and condo associations, they are the most attainable properties for me at this stage. ... For a $200,000 property, that equals $40,000 or $50,000 required to get a good loan.
748245
Yes, HOA fees and Land Lease Fees are deductible rental property expenses. The IRS lets you deduct ordinary and necessary expenses required to manage, conserve, or maintain property that you rent to others.
379532
['How good is the soundproofing? ... ', 'How much are the monthly condo fees and what are they used for? ... ', 'How do the monthly fees compare with similar nearby condo complexes and what services are included? ... ', 'Has the condo unit been professionally inspected? ... ', 'What does the insurance cover? ... ', 'What are the rules?']
471929
In Hawaii AOAO fees - (also know as maintenance, strata or HOA fees) are a part of condominium life. AOAO which stands for Association of Apartment Owners. ... The association is comprised of the condo owners who are responsible for running and maintaining the condominium complex.
443710
Deed restrictions aren't HOA rules Don't confuse deed restrictions with regular HOA rules. A HOA can decide one day that no home in the association can string up Christmas lights. But if all the homeowners in the community object, the HOA board can easily change its mind.
1172346
What's the minimum down payment for a condo? For condos priced $500,000 or less, the minimum down payment is 5%. For condos priced $500,000 to $1M, the minimum down payment is 5% on the first $500,000 and then 10% on the remaining balance. For condos priced $1M and more, the minimum downpayment is 20%.