Who among us has not thought of joining the condo craze and leaving the yard work and roofing worries to somebody else? But there is something about living in our own home where we can paint the walls any color we want and let our dogs run in the backyard that keeps us in our homes. And now, there is another reason to be wary of condo associations; the skyrocketing cost of homeowner association fees.
WFLA reported recently, “A new state law is making sure condominiums across the state are more resilient after the Surfside condominium collapse, but complying with the legislation is pricing many condo owners out of their homes. Right now, many buildings across the state are going through a very stringent inspection process to determine if there are any structural deficiencies. However, many condo owners are unable to pay for the large assessment fees to cover the cost of repairs. In many cases, the repairs needed to improve the structural integrity of the building are long overdue.”
In Miami, some HOAs have doubled and tripled their fees and realtors say 2024 will likely deliver even more increases for condo owners whose associations have delayed maintenance for years.
33707news.com 