Home Owner Associations, Condo Fees.............How Much and What do you get?

[corktownyuppie]

Yeah, remember too, at co-ops like Lafayette Towers and 1300, those HOAs include property taxes and insurance. At 1300 includes front desk service, I think they have pools, etc.

[DetroitPlanner]

Yeah, remember too, at co-ops like Lafayette Towers and 1300, those HOAs include property taxes and insurance. At 1300 includes front desk service, I think they have pools, etc.

Good point co-ops are structured with a very different philosophy. In a coop all members own a share in the complex, while a condo you own the inside of your unit. Co-ops can also have rules about subleasing your unit and you need to be accepted into the association. In general, co-ops have higher monthly fees but less riff-raff. Co-ops also tend to be a bit riskier of a purchase as you may be stuck with something you can't sublease, or if there is an unexpected emergency that costs a ton to fix you might have to pony up for a lot more than expected. My aunt had a co-op and the association would periodically update flooring, kitchen appliances, and mechanical stuff out of the assessment fees, but you may get stuck with a few choices. Chances are the community at large would vote down getting really fancy stoves with stainless steel premiums so if you want those, you may not want to be in a co-op.

[downtownguy]

Yeah, remember too, at co-ops like Lafayette Towers and 1300, those HOAs include property taxes and insurance. At 1300 includes front desk service, I think they have pools, etc.

1300 is a co-op. Lafayette Towers apartments are rental.