How can you tell the good from the bad condos?
Mr. Young asked us live on the show: “Great info. Mahalo nui, guys! Is there a way to know which condo associations are reliable or not as far as handling maintenance / fees? Who or what do you suggest in order to find out?”
This short clip came from our Aloha Friday Hawaii Real Estate Show which goes live every other Friday on our Hawaii Real Estate YouTube channel or our Living in Hawaii Facebook page
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The comment of 50-cents a square foot (as a guide to association fees) seems somewhat low to me.
That amount may be more accurate for newer buildings with no, or few, amenities, but older buildings will have higher maintenance costs, and amenities, like swimming pools, picnic and barbecue areas, etc., will also raise those fees.
Additionally, rather than rely on a static formula to determine appropriate fees, one must also look at what the fees cover and how one plans to use the residence.
In my condo’s case, the fees cover pretty much everything (electricity with central A/C – water, sewer, garbage, expanded-basic cable T.V., parking, and a swimming pool and barbecue /picnic area, making the seemingly-high (about $810 per month) HOA’s a bargain for full-time residents, but maybe not as much for seasonal folks.
Thanks for adding to the conversation! It’s a general rule of thumb and of course there are always exceptions.