Real estate Q&A: How should condo board tell new residents about fee increase?
Q: How should the board member interviewing new residents in our condominium association handle knowing there will be a significant increase in the monthly maintenance fees due to the increasing insurance premium? It is a sensitive subject for sellers to discuss with buyers, but we want to be transparent as an association with our new neighbors. — Maureen
A: Rising costs, underfunded reserves, and needed maintenance are big issues right now for condominium associations that will require the residents to pay more each month.
These increases will occur in most associations, and everyone buying or living in a condo should know about this issue.
Dues, taxes, and insurance almost always go up each year, and while maintenance dues can stay the same for a while, eventually, everyone’s dues will rise.
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https://www.bostonherald.com/2021/10/30/real-estate-qa-how-should-condo-board-tell-new-residents-about-fee-increase/