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Old 11-30-2012, 06:03 PM   #7908
JackJack
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Joined: May 2011
Location: MN
Oddometer: 382
Quote:
Originally Posted by D.T. View Post
$3-$4 hundred a month for association fees???

My association dues are $250/mo for roughly 900 sq ft and 1 garage stall. It's based on percent of sq ft owned so the people with 3 BR units are paying close to $400/mo.

There are laws that dictate how the reserves can be invested, how often the management company and the books are audited, and how much needs to be in reserves. Previous to 2002, when CD's paid more interest than they do now, it was easier for the board treasurer to stagger the investments to take advantage of interest rates that kept up with inflation. The feds keeping the interest rates low may help the country in some ways, but hurts in many others. This is one way it hurts.

If you really want to cut expenses, run for the board and get multiple insurance quotes for the building and find ways to cut the water/sewage and electric bills. Then find out if your management companies fees are competitive. Those are the biggest expenses and the easiest to shave $ off the annual operating expenses.
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