Now that the prices on San Diego Condo are at their lowest point in a decade it’s time to write about the mysteries regarding such terms as common area, HOA fees and CC&R’s
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What do HOA fees pay For? Well if You’re thinking Downtown San Diego condos the HOA fees could include a Concierge, 24 hour Guard and Valet and maybe even an on site Manager. Usually you can expect the HOA fees to cover the basics such as common area maintenance, trash pick up, hot water and limited insurance, though every Condo complex or building will cover different items, you can expect the fees to cover at least the basics.
What is referred to as the Common Area includes most anything that is outside the condo such as the entrance, lobby, elevators, pools and spa, fitness center, clubhouse, hallways and green belts. Most all condo HOA fees pay for the common area maintenance upkeep.
One important aspect of buying a San Diego condo is the health of the Reserve Fund, the Reserve fund is like a savings account were a portion of all the HOA fees collected establishes the Reserve. As the word “Reserve” implies, the fund is a hedge for the unforeseen occurrences that happen during the life of the complex or building. These funds can go toward many different issues that may occur, such as roofing problems, road work, common area upgrades etc.
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A low funded Reserve Account could end up having each Condo Owner “Assessed” or billed for cost concerning the occurrences not covered by the Reserve. Getting hit with an assessment is not good and it’s one of the main worries of Condo Owners. Condo assessments are a whole other subject on to itself.
Most every condo or building will have a set of rules Called the CC&R’s (Covenants, Codes and Restrictions). These rules will cover such things as parking, pool hours, BBQs on the balconies and other such things. The HOA Board Of Directors enforce these rules written in the CC&R’s handing out fines for those who habitually break the rules.
Condo life can be an excellent life style and most definitely a value in a time when it is becoming increasingly more difficult to find a house in a
equivalent price range.
