Condo ownership can be a low maintenance way to live. But if your neighbors are not paying their condo association fees it may be you who suffers.

As the economy continues its freefall many Americans are cutting back on whatever they can to try to make it through the lean times. But alarmingly, an increasing number of Americans are beginning to stop paying their condo association fees. While this will definitely save them some money, it will ultimately hurt their neighbors and their properties.

When residents stop paying the association fees the ones who are still paying the fees are left either paying more to pick up the slack, or dealing with the pitfalls of having less maintenance. Either scenario is unfair to the owners who diligently pay their fees, but they are nonetheless a reality. Condos that were once pristine and considered luxurious begin to look worn down and dilapidated.

But the problems don’t stop with the properties themselves. Many investors bought condos during the last real estate boom with no expectation they’d ever occupy them. This subsequently led to as much as 50 percent non-occupancy rates for condos, all with no association fees being paid. Now even if investors can find buyers, many banks are saying “No” because of the books of the association. This could also potentially block condo owner from refinancing their mortgages even if their association fees are current.

Once the percentage of condo owners not paying their association fees gets high enough the condo association board is left with no choice but to raise the fees. This can create a snowball effect as the higher fees may prompt others who were barely making it to do the same as their delinquent neighbors and stop payment of the fees all together. But the only other choice of the association is to perform cutbacks.

Many condos are cutting services that were once considered a given. Elevators, cable service and lawn service are just a few of the items that have seen dramatic cutbacks form different associations. Ultimately the condo association board members must decide which services to cut back on. It creates a problem of prioritizing everyday maintenance that would otherwise be done without fail.

Florida is seeing particularly bad times. At the Fountains of Tarmac for example, 90 percent of the residents are not paying their association fees. This has left the association without insurance and has some of the residents cutting the lawns with their own personal lawnmowers.

There have never been so many condos lingering on the market. But if you are considering buying one, you may want to look in to the percentage of association fees that are actually being paid. A little bit of research upfront can save you a possible gigantic headache in down the road. Just because you are planning paying your association fees, doesn’t mean that your neighbors do. It is their unpaid fees that can wreak havoc on those owners like you who do pay.