Not Made Of Money

Yesterday, I was writing about the homeowners insurance crisis here in Florida.  Well another issue that is not getting too much media attention is that homeowners associations fees are also rising rapidly.  The vast majority of condos in Florida belong to an “association” which provides the community features and benefits of a pool, clubhouse, common ground areas and maintenance, etc.  These association fees are paid either on a monthly or annual basis and can be quite substantial depending upon the amenities being offered.  The rates are rising (and in some cases rapidly) because of hurricane damage in the past couple of years combined with the increased property insurance costs.  If you don’t pay your fees, a lien can be placed on your condo by the association.  So, if you are considering that Florida condo you’ve always wanted, know that homeowners insurance is expensive (and sometimes hard to get) and that your association fees may be very high.  

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