Downtown Minneapolis condo in black and white

The Fear of HOA Fees: What You May Not Know About Minneapolis Condos

April 5, 2019 by Joe Grunnet

When we first sit down with a buyer to discuss purchasing a condo in downtown Minneapolis, there’s always a common fear of Home Owners Association (HOA) fees. HOA fees can be confusing and difficult to understand. But if you’re someone who dreams of living an urban lifestyle, we at Downtown Resource Group believe the fear of these fees should never hold you back.

What are HOA Fees?

HOA fees are collected by the condo’s association on a monthly basis—in order to assist with maintaining and improving the property. In other words, these recurring fees go toward the improvement of the overall building, as well as other routine maintenance services, such as trash, sewer, snow removal, and lawn care. And depending on the condo’s association, this monthly fee may cover additional services, as well.

Improvements to a condo building may include updates to all shared spaces, such as the lobby, parking garages, and outdoor spaces.

If you perform a side-by-side comparison between the costs of condo HOA fees and what you would typically spend doing the same maintenance work on a single-family home, you’ll quickly discover that the costs off set one another. At DRG, we believe that the decision to buy a Minneapolis condo comes down to your dream lifestyle.

Ask yourself this: What do you value most? With a condo, you’re going to get greater free time and convenience, whereas with a single-family home, you’ll need to spend free time (and weekends) taking care of your property.

How Much are HOA Fees?

The average HOA fee will range, but they typically average around $450 per month. Again, it all depends on the building you live in and what’s included in the monthly rate. Now, if we compare that rate to the average cost of utilities in a single-family home in Minnesota, which is around $460*, you’ll realize that the two typically cancel each other out.

So, how do you envision your Saturday morning? If you want to wake up, walk to your favorite downtown coffee shop, spend time at the neighborhood park, and maybe catch a concert or cocktails with friends, we may have the perfect Minneapolis condo for you! We want to help you #LiveTheLifestyle you’ve always dreamed of in a city you can live, work, and play!

Contact DRG

Ready to make a move? Give us a call to schedule a no obligations one-on-one consultation today! Remember to visit our Condo guide to browse through our stunning selection of condo units, all located in your favorite downtown neighborhoods.

*This cost includes average utilities (gas, electric, water, trash) as well as cable, internet, snow removal and lawn care maintenance, which are all typically included in an HOA fee.

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