I recently posted an article urging home buyers, especially condo buyers, to consider the association fees when purchasing a new house or condo. I also mentioned assessments as a potential issue.
The key point is aside aside from the "fixed costs" - price of unit or house, it is these "variable costs" that can become a strain on the owner years later, especially those who are living (or will be living) on a fixed income.
Also, one must not forget the other variable costs like taxes. Will they go down? Probably not. What about insurance rates? A natural disaster - even in another part of the state - could result in higher rates.
One can never know for sure where fees will be five or ten years down the road. Make sure, as a buyer, you have considered this when making your decision to buy in that condo complex or another high fee area like the 55+ communities of Heritage Isle, Indian River Colony Club, or Grand Isle in Viera.
If you are considering relocating to Brevard County, Florida, let me help you. Call me or send me an email for free information on the Brevard County Florida real estate market.
Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.