What about those HOA Dues – Portland Condos
Portland Condos. HOA dues are typically a monthly cost for Portland condo owners that goes to the association to maintain the condominium building.
Not only is it for reoccurring monthly cost such as water, sewer and garbage, yearly cost such as taxes and insurance for the building but also a portion of these dues goes toward reserves. Reserves are an account that is used toward long term repairs and updates to lessen the possibilities of special assessments. The State of Oregon requires HOA’s to perform reserve studies to make sure enough of the monthly dues is being collected to allow funds for long term repairs and updates. Another factor with HOA dues is the building itself. How old is the building? How many units? Amenities offered with the building such as concierge service, swimming pools, gym, etc. as these are expenses that need to be paid out of the HOA dues. Another thing to consider is the size of your unit as your ownership within the building is determined by the square footage of your condo which is what your HOA monthly dues is calculated by. The larger your condo in Portland the higher your HOA dues will be. Remember HOA’s are home owners and these dues are what it cost to maintain your building similar to maintaining a detached home only it is shared by many homeowners.
How is buying a Portland condo different than purchasing a single family home?
One of the main difference is you are part of a home owner association which is why we ask with our condo sale agreement for the pertinent condominium documents. We pay special attention to the minutes which is why we ask for 6 month to a year. As most issues of a building begins within these meetings we are looking to see if there are any that might cause special assessments.
These are just a few things to consider while viewing and purchasing a condo here in Portland with many questions which I am happy to answer!