Just as varied as the type of condos are the monthly condo fees. In general, the fee covers amenities, maintenance of common elements, exterior maintenance, master insurance, trash collection and management fee.
The fee can seem steep at first glance but it's important to investigate what exactly is included and how healthy the condominium's operating budget is. If it's short on funds, a fee hike or special assessments may be looming. There is no surefire way to predict it but the Condominium Disclosure (part of the seller's disclosure packet) and the budget will give you the big picture.
Here's a closer look at a couple of Condominium subdivisions in Silver Spring, MD
1. Hearthstone Village, 20902 Silver Spring
Hearthstone Village, a Beazer community in Wheaton, is a quaint subdivision with townhome-style condos. Most of the buildings have 2 units, a 2 bedroom on the lower 2 floors and 3 bedrooms on the upper 2 floors.
All come with a garage and a 2nd parking spot - that is a big plus for the community (in addition to its location: walking distance to the Wheaton Metro). You won't have to hunt for a parking spot every time you come home nor pay an additional parking fee.
The monthly fee is the same for all units, currently $230/month. It's been the same amount for quite some time but the condo board has worked diligently to maintain a healthy operating budget and reserves.
Amenities in Hearthstone Village include a play-ground and a common area gathering place for the residents. Maintenance and repairs, landscaping, trash collection (there's an enclosed dumpster area) and snow removal are covered with your monthly dues.
The exterior maintenance and repairs on all units to include front steps and railings, gutters, siding, roofs and the balconies are also the condo's responsibility!
2. Americana Finnmark, 20902 Silver Spring
The condos in Americana Finnmark are either garden-style or mid-rise buildings, most are single level but a number of 2 floor units are located in the mid-rise building.
The amenities include a play-ground, albeit a small one, tennis courts, BBQ areas, extra storage, an outdoor pool, on-site management and laundry (some units have a washer & dryer, for all others a secured laundry room is located in each building/on each floor in the mid-rise).
The current monthly condo fee ranges from $400 to $700, depending on the size of the unit but it's "all-inclusive":
In addition to exterior maintenance & repairs, community amenities, management, master insurance, snow removal, trash removal and parking (which is unassigned but plenty), it also includes utilities (electric, gas, water & sewer).
Condominiums in Silver Spring, MD and beyond come in different styles, sizes and price-ranges and come with different condo fees. If you want a long list of amenities, there's a condo for you. If you prefer less (and a lower monthly fee), there's a condo for you!
Having less maintenance and property repairs to worry about is one of the big benefits of owning a condo. Think about how much time you have to devote to property upkeep, a condo may just be the right fit for you!