Are you thinking of purchasing a St. Louis condo? While condos typically have lower upfront costs, the buildings and condo associations might have various fees and expenses. Having a clear idea of the costs will help you make decisions. It can also help you ensure you stay within your budget. This post will explore common fees and expenses associated with condos in St. Louis.
Downtown St. Louis Real Estate Market Watch
As of February 2024, the average price per square foot of a home in Downtown St. Louis was $136. Real estate trends change constantly. Contact St. Louis Premier Lofts if you need to buy or sell a condo in the St. Louis area.
St. Louis Condo Fees and Expenses
HOA Dues
Condo communities typically have a homeowner’s association (HOA). That means owners must pay HOA fees. The fees cover the upkeep cost of common areas and amenities in the condo community. It may include water, sewer, trash collection, and parking. They may also have fees for services like security, janitorial, and landscaping.
Property Taxes
Paying property taxes is required whether you own a condo, single-family home, or any building. It’s charged annually or semiannually and collected by the local government. Calculating your property taxes will involve learning the assessed value of the condo.
Special Assessments
HOA dues only cover amenities, services, and routine maintenance work. The HOA may levy special assessments on owners if unexpected or unplanned costs arise. These expenses may include major repairs to building infrastructure like the roof or addressing environmental hazards or safety issues.
Fines
You may be issued a fine for violating HOA rules and regulations. As a condo association member, you must follow certain covenants, conditions, and restrictions (CC&Rs). Examples are regulations on using common areas, pet ownership, guest policies, proper waste disposal, or insurance requirements.
Pet Fees
If you own a pet, you must first inquire about your condo’s pet policies. Some condos do not allow pets or only allow specific breeds. They may also charge an annual pet fee and establish rules about the number of pets allowed.
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