What It Really Costs to Own a Condo: Questions to Ask the HOA

A condo's monthly fee is only part of the cost of owning it. Before you buy, ask what the fee covers, what is in the reserve fund, whether any special assessments are planned, and what insurance you need on your own.

When I show condos in the St. Louis Metro Area, buyers almost always start with the same question: what is the fee? It is a fair question. It is just not the most useful one.

Two buildings can have very different fees and very different futures. Here is what I would ask before you fall in love with a unit in Clayton (63105), the Central West End (63108), Kirkwood (63122), Chesterfield (63017) or anywhere else in West St. Louis County.

What does the HOA fee actually cover?

Ask for the list, in writing. Some fees include water, trash, exterior maintenance, landscaping, a pool or a clubhouse. Others cover very little. Compare buildings by what is included, not by the number.

A very low fee is not always a bargain. It can mean the association is putting off maintenance or not saving enough for big repairs.

What is in the reserve fund?

Reserves are money the association sets aside for big jobs like roofs, elevators, parking areas and boilers. Ask how much is in the fund, and whether the association has had a professional reserve study done. If it has, ask when, and whether the association is following it.

If the fund is thin, the cost of a big repair has to come from somewhere. That is usually higher fees or a special assessment.

Have there been special assessments, or are any planned?

A special assessment is an extra charge to owners for a big expense the budget and reserves do not cover. Ask about the last five years, and about anything the board is discussing now. Ask how it would be paid, and what happens to a charge that is already approved when you buy.

How have the fees changed over the years?

Small, steady increases are usually a sign a board is planning ahead. Big jumps after years of no change can be a sign it was not.

Will my lender be comfortable with the building?

This one surprises people. With a condo, the lender looks at the building as well as at you. Lenders can look at things like reserves, how many owners are behind on their fees, pending lawsuits, insurance and how many units are owner-occupied. Rules for conventional loans were tightened this year for many established condo buildings, so ask your lender early whether a specific building works for the loan you want.

What paperwork do I get?

In Missouri, condominiums created after September 28, 1983 fall under the Missouri Uniform Condominium Act. When you buy a resale unit, the seller provides a resale certificate from the association. It includes the governing documents and financial information about the association. Read it with me and your lender. I would rather you find a surprise in the documents than after closing.

What insurance do I need?

The association insures the building and common areas. You usually need your own policy for the inside of your unit, your belongings and your liability. Ask exactly what the association policy covers so your policy fills the gaps. I wrote about this: why your home's price and its insurance coverage aren't the same number.

How long do condos take to sell?

Longer than houses, and that matters if you buy now and sell later. In the 12 months through Nov 4, 2026, the median house in most of the towns I work in sold in 5 to 8 days. Condos took longer: about 20 days in Kirkwood (63122), 28 in Chesterfield (63017), 30 in Clayton (63105) and about 53 in Creve Coeur (63141). Each building is different, which is one more reason to ask questions.

Frequently asked questions

What should I ask before buying a condo in St. Louis?
Ask what the monthly fee covers, how much it has gone up in recent years, what is in the reserve fund and when the last reserve study was done, whether any special assessments have been approved or are planned, and what the owner-occupancy rate is. Also ask your lender whether the building meets the guidelines for the loan you want.

Do I get to see the condo association documents before I buy in Missouri?
For condominiums covered by the Missouri Uniform Condominium Act, the seller provides a resale certificate that includes the governing documents and financial information about the association. Ask for it early and read it with your agent and lender.

Does the condo fee cover my homeowners insurance?
Not usually. The association carries insurance on the building and common areas, and you typically need your own policy for the inside of your unit, your belongings and liability. Ask what the association policy covers and what your policy should add.

Thinking about a condo?

Send me the building you are considering and I will help you get the right documents and ask the right questions. Reach out any time.

Shari Whay, REALTOR®, Real Broker LLC
Helping you find your Whay home.
Serving the St. Louis Metro Area and West St. Louis County | shariwhay.com

Data source: MARIS Matrix, condo closed sales, median days on market by town, Nov 5, 2025 to Nov 4, 2026, pulled Nov 4, 2026. Missouri Uniform Condominium Act, RSMo 448.4-109. This is general information, not legal or financial advice.