When you are searching the web or using a Realtor to buy a condo, the condominiums that are listed for sale advertise dues that are a provable misrepresentation and therefore, a complete illusion. David Copperfield would make for the perfect Treasurer in today’s condominium associations. Fun for them, not for the individual that is buying a condo.
The standard assessment (dues) is supposed to be an accurate reflection of all the buyers cost to live in the condo association, separate from the mortgage and tax payments one has to make after purchasing a condo. This is important to be accurate because a condo buyer has budgeted a certain monthly amount that they can pay for homeownership, and lenders qualify these same buyers based upon their income and expenses in relation to that income.
However, accuracy doesn’t exist when it comes to condominium dues and accounting. Condominium dues are understated and are done purposely so, to both keep the monthly payments lower for the current owners and to make condo units more attractive for condo buyers when listed on the market. What condo buyer sees high dues as a selling point?