Utah Condominium HOA Fees in Salt Lake City
Condo Home Owner Associations (HOA) fees can be a significant expense upon a new condo purchaser’s budget. It is best for condo buyers to have all the facts and figures before making a condo purchase so that there are no unbudgeted expenses after the purchase.
Condo HOA fees fund many important services that make living in a condominium enjoyable. For instance, many condo owners enjoy swimming pools, tennis courts, exercise facilities, club house, RV parking, gated access, parks, playgrounds, utilities, water, sewer, garbage pickup, TV cable, Internet, snow removal, landscape and grounds keeping, and other benefits. Some HOA’s provide a much smaller service package. It is important to find out the monthly HOA fee and what the fee covers before the purchase. Knowing the fee and the services, gives the condo buyer a better view of the true value and cost of the condo they intend to purchase.
In some instances, HOA fees may appear inflated to the prospective condominium buyer. HOA fees are often determined by the square footage of the condo unit or by a flat fee to all the owners within the condominium or some other method. In many cases a seemingly high HOA fee is justified when a strong package of utilities, services and amenities are provided. Condo buyers should always ask their real estate agent representing them in their condo purchase to obtain a copy of the HOA fees, HOA meeting minutes, HOA budget and any HOA assessments. Reviewing these documents can give condo buyers a good assessment of current and future HOA expenses before the purchase takes place.
CondosUtah.com recently did a survey of condominium HOA fees. This study examined HOA fees of condos listed on the market for sale during the past year around Salt Lake City. Below is a list of condominiums with HOA fees exceeding $500 in the Salt Lake City area.
Salt Lake City Condo HOA Fee Survey
|Canyon Road Towers||1976||1446||$529||$6,348||$4.39|
|Canyon Crest Condominium||1965||2584||$875||$10,500||$4.06|
|Parc at Gateway||2004||753||$210||$2,520||$3.35|
|Capitol Hill Condos||1963||1087||$294||$3,528||$3.25|
|The Stansbury Condo||1965||1056||$267||$3,204||$3.03|
|Broadway Lofts Condominium||2007||2503||$600||$7,200||$2.88|
|Zion Summit Condo||1977||2400||$558||$6,696||$2.79|
|Donner Place Condominium||1977||3150||$606||$7,272||$2.31|
|Tall Oaks Condos||1988||3313||$624||$7,488||$2.26|
|River Run Condos||1998||1232||$154||$1,848||$1.50|
|Willow Grove Townhouses||1999||1310||$90||$1,080||$0.82|
Source: Wasatch Front Regional Multiple Listing Service and condosUtah.com.
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