Would be condo owners sometimes change their minds when they find out the have to pay association dues every month. I recently sold a condo with association dues that are over $400.00 a month.
For that amount my buyers gets insurance, sewer, water, refuse removal, cable T.V, heat and air conditioning leaving them with a small electric and phone bill each month. The dues also include shared amenities like hallways, party rooms, and an exercise room.
In addition some of the dues are put into reserves so that when a new roof is needed there is money to pay for it and for any other exterior maintenance.
Will association dues go up? Yes they will as will the cost of all of the items listed in the paragraph above.
When looking at association dues look at what they cover before deciding that they are too high. Minnesota condominium buyers have 10 days to review financial statements and other condo documents and have the right to back out of the purchase with their earnest money refunded if they discover something that they do not like during the ten day period.
