Thomas Lee has a humorous look at downtown condominium ownership in a recent Minneapolis Star Tribune article (Owning a condo, Act II: Reckoning). The article takes a look at the “hidden costs” of condo ownership. Well, the costs aren’t necessarily hidden, but they’re also forgotten or not fullyrecognized by new home owners until the bills come due.
Building association dues can, and often will, increase. The property owner will not always reap a benefit with the increase. As with the case with Lee, who has no car but yet paid to upgrades in the association garage. Secondly taxes can hike dramatically – especially for recent condo conversations when property values increase as the condos are sold.
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Submitted by Mary Rugani