The old adage of, “If it sounds too good to be true, it probably is,” may often apply to deals on condos which are springing up in vacation hot spots, according to an article on TheStreet.
While the initial price tag may have you thinking about skipping the cold Pennsylvania winters in a beach resort, hidden fees can rack up costs:
In Vero Beach, Fla., for instance, condos in some resort communities are going for a song. Numerous two-bedroom units in one tennis and beach community are listed for less than $200,000, and many for under $150,000.
But if you shop on sites such as Realtor.com, Zillow.com and Trulia.com, you won’t see details on the fees. That “bargain” buy in Vero Beach requires an annual tennis club fee exceeding $2,000. Then there’s the regular association fee upward of $2,000 a quarter. In other words, you’d pay about as much in annual fees as on the mortgage. Many golf communities are even more expensive, often charging an initiation fee for joining the club on top of annual dues.
It’s like when you buy the new X-box system, only to realize that now you have to buy all the new games, the new accessories, etc.
But some properties may still be a good deal, if you make some smart choices.
Read more about how to get the most out of a condo purchase on TheStreet.
