The Washington Post: Rising community association fees are squeezing homeowners on tight budgets
Published: January 11, 2014
When Brenda Batts purchased her condominium near the U Street corridor in 2006, she was planning to retire at age 65. Now 62, Batts, an office manager, fears she may not meet that goal, thanks to a nagging worry from when she purchased the unit, which assesses a monthly fee for common charges on top of her mortgage and property taxes.“As I was filling out the papers, an annoying thought was, ‘Oh my gracious, one day your condo fees may be higher than your mortgage,’ ” said Batts, who qualified for affordable housing, allowing her to pay about half the market rate, which was then $428,000, for her one-bedroom unit.That day is approaching faster than she expected. Her monthly fee, $166 when she moved in, has more than doubled to $371, and a special assessment for building expenses a couple of years ago cost her an additional $583. Now, with no telling how much more the fees will rise, she wonders whether she can afford to retire on schedule. Read more: