Loader...

News

Understanding Jamaica Estates Condos and Their HOA Fees

As the real estate market continues to come to life post-COVID, we’re seeing more and more Jamaica Estates condos appearing on our favorite online marketplaces. Best of all, the prices are on-point. Many people have pushed their real estate goals aside over the past year, and current condo prices reflect sellers’ eagerness to start the next chapter in their lives.

As you explore Jamaica Estates condos, keep this in mind: When you purchase a condo, you’ll be responsible for a monthly HOA fee. HOA fees range from a minimal dent in your budget to a monthly amount that makes a property out of the question financially.

HOA fees are a part of condo living. As a general rule, the more amenities a building offers, the more you’ll pay in HOA dues. Here’s the deal on what your HOA fee might cover:

  • Common area maintenance: Hallways, landscaping and laundry rooms all need attention. In most cases, your HOA fee will cover the supplies and staffing to keep these areas clean and safe.
  • Security: Although no HOA can guarantee a resident’s safety, they certainly don’t want to invite crime. If your building has security cameras, intercoms or an on-site guard, a portion of your HOA fee will go toward maintaining these services.
  • Recreational amenities: If you are lucky enough to score a unit in a building with a pool, fitness center or rooftop entertaining area, expect your HOA fee to be a bit higher than neighboring Jamaica Estates condos without these amenities.
  • Utilities: Some HOA fees include select utilities. It’s common for your monthly payment to cover trash collection, water, sewer and gas.
  • Reserve funds: In well-managed HOAs, a portion of your monthly dues is deposited into a reserve account to pay for future large-scale repairs, such as a new roof or a building-wide plumbing disaster.

Jamaica Estates condos are emerging as a real estate frontrunner this spring! Get in touch with Jamaica Estates Realty today to stay one step ahead in the real estate race.

Contact us at (718) 380-5000 today or email us here to learn more.