If you’re looking for real estate in Downtown San Diego, it’s important not only to think of the purchase price of your condo, loft or penthouse, but the homeowner’s association fee that comes with it. These fees can be significant, ranging anywhere from a $100 to $1,000 a month, so you might be wondering exactly what you get for the cost.
The Necessities: Common Grounds Maintenance and Repair
Many downtown condos and lofts have common areas which can include everything from pools and exercise facilities to outdoor lounges and BBQ areas. The homeowner’s association and condo association fees will govern the regular upkeep and cleanliness of these areas, as well as any necessary repairs and new installations.
The Legalities: Condo Regulations and Other Requirements
Who ensures that neighborly disputes are taken care of and that each condo is kept up to code? The homeowner’s association usually does — but that comes at a cost. Often, there may be legal fees and administrative fees associated with making sure that all owners are operating as they should. Without the condo board, no one would be around to enforce public parking, breed restrictions on pets, and other important issues that may affect an urban residents quality of living.
The Perks: WiFi, Solar Power and Other Amenities
The luxury condos and lofts in Downtown San Diego may include perks such as high-speed Internet access, cable and other amenities into their association costs. When this is done, the perks will often be less expensive than having to purchase the service on your own. Many units are also converting to solar power in an effort to go green and to save owners money long-term.
The Decision: What Works Best for You?
How much should a homeowner’s association fee impact your decision to buy? Keep in mind that your homeowner’s association fee needs to be rolled into your total housing costs — the more you’re paying in HOA fees, the less you can purchase in “house”. However, you also need to make sure that you compare apples to apples; some homeowner’s association fees could include amenities like Internet that you’d otherwise need to pay for on your own.
If you’re interested in purchasing real estate in the downtown district of San Diego, reach out to the downtown real estate experts at 92101 Urban Living. We work, live and play in this beautiful city and can answer any questions you may have. Call us today at 619-649-0368 for more information about current listings and condos for sale in Downtown San Diego.