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That does sound high. Does it cover any exterior mantenance on the house? Or a master fire ins plan?
I pay $407 in HI, but it covers all exterior mantenance (including the new roofs they are about to do), a master fire ins plan - I have additional hazard ins, but it wasn't required for the loan as the condo plan met all the reqs. It also pays for basic cable.
For 210, I would expect to get more than just care of community grounds!
AliKat - It does cover roof/painting. I also having the smallest house in the community and I'm paying the same amount as the bigger properties.
It sounds a bit high, Chris, but a lot depends upon how many houses are in the development. How many do you have? $210. is high if there are 300, but not bad if there are only 40 to share the cost of gardening, etc.
My Hoa is 352 which is the highest in the building. Our hoa goes by the amount of square footage. I would love a monthly payment of $210. Ours includes outside maintence of the building, as well as lawn, garbage, water, and building wind, flood and fire insurance. We are also putting on a new roof this year using reserves and a small loan. I do believe that our building has higher fee's due to the fact that we are only 20 units. When you add the $352 per mth and someones mortgage payment of probably $800, plus their taxes of 200 per mth I'm sure it is turning buyers off. Even an investor would shy away as rentals are only going for $1000 per mth. Not sure what the answer is no one seems to have any control over monthly association fees.
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Townhouses we looked at are btw 200-250....they only cover the master plan insurance and maintenance of the common area. These are consider cheap.
Our HOA fee for a community of SFH's is only $240 per YEAR!
Don't forget to factor in the insurance cost savings.
Typically - Condos/townhouses HOA's include homeowners insurance coverage.
My HOA is $498mo - And worth every penny. (Although the HOA board is a royal pain in the........)
Thanx, D
Wow....498 a month????? Danny...is this include melo roos?
Wow I hope they give you maid service for that price. It seems high to me.
The HOA fees in Central Florida are definitely a deterrant. Most are in the $350-$375 per month range. If they were $150 I wouldn't hesitate to buy a condo, but with the prices of even the cheapest condos with the HOA fee added, they cost MORE than many single family homes!
battlescarred seller
I so agree. I cannot buy a house in Florida because of the prices (the place I want does not dropping prices), but I could afford to purchase a condo, but HOAs there are so high - no less than $300/month for 1br/1bth and go up to $700/month, plus taxes are crasy for non homestead, so I still waiting. If the houses drop price I will buy, but not condo. Also condos can raise the association (and they do) and nothing you can do about it! Plus add stupid rules they may have to drive you insane! I just can not understand people who buy those condos!
I know that HOA created when a village/city sells land to a developer they require that developer to have HOA in order to save money on care for roads, grass ...and such other things. Now is my question, (if there lawyers here may be they can answer me). If I do pay HOA, can I request property tax cut for the prorated portion of my HOA that covers grass, roads and other things that usually is a village/city/county responisibility? They get my property tax, but do not do the job - is there any case like that ever existed?
No mellos here - That's what living on PCH does to your HOA.
Damn Costal Commission.........
Thanx, D
Ann, I'm not a lawyer, but the property that the HOA maintains is not city property, so my vote would be no, they wouldn't lower your tax bill.
Since November 2009
Ann2,
I'm in an HOA, and Marci is correct. Our HOA maintains all "HOA property", which includes the streets since we are a gated community. The City does not do any maintenance on any HOA property, it is also taken care of by the HOA fees.
You can either look at it as a negative (i.e., the rotten City isn't taking care of this property), or as a positive (i.e., it's nice that we don't have to depend on the City to take care of this property, it looks much nicer than that other neighborhood).
Our HOA also has done maintenance on non-HOA property, simply because the City had a schedule that was allowing things to get ugly. To do so, we first had to get permission from the City (i.e., can't just go into your neighbor's yard and start "improving" to your taste), and then we were allowed to do the work.
Hi Chris,
High HOA fees do not turn buyers away if those fees cover grounds, pool, tennis, golf etc....so in fair is that buyers associate fees with those things that if paid solo would be prohibitively expensive. I am not sure if you are using a Real Estate professional or not but even if you are not try to enhance what benefits come associated with those high HOA fees. Hope this helps. Good luck! Leonardo.
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Wow! I thought $400 a year was bad (well, not really but I didn't like the $500 setup fee) and we have a community pool and playground.
High HOA fees will turn off buyers. Unfortunately, HOA's are usually poorly run. When looking at a condo in a HOA check out the fee and the books if you can. Make sure money isn't being spent aimlessly - this is usally the case.
I am starting a HOA social networking website, should be ready any day to address HOA issues. Anyone can buil a HOA site for free so residents can discuss issues and address concerns before the become large concerns. [content removed by moderator for being self promotional]
Another good HOA resource is www.CAIonline.org I just stumbled across them at a continuing education class yesterday.
In my area sellers are starting to offer to cover the HOA fees for 1 year or two as an incentive to attract a buyer. We have a bit of an over abundance of age restricted condo’s.
This thread was initiated March 4. I am assuming that since the question is still valid, particularly for new sellers to this discussion site, adding a comment is appropriate. So here is my 2 cents.
I think the expense for HOA fees depends upon what is included. I live in Northern Virginia, a gated 55 or better community, in a detached home. I pay $220 which covers maintenance of common grounds, a 26,000 sq ft club house, indoor/outdoor pools, tennis and bocco courts,a tee ground, and nature trails. When I looked at 2 communities in Central Florida, the HOA fees were $163, but included personal property lawn care and watering, as well as club houses that had as much and sometimes more than what I have here. Including lawn care/watering in HOA fees, will reduce my budget by at least $1000 a year. I can take a vacation with that money or put under the mattress! Yet, I have friends who live in Maryland, townhomes and detached, who pay much more and w/o the amenities of a clubhouse. Again, what's included or NOT included in the HOA fees (high or low) can be selling points or not. When I looked to buy/and will look to buy I am more concerned w/what I get or don't get for HOA fees.
This post is from March of 04. People really pay HOA fees like this? By now it's bound to be $600 per month.
I'm very glad no HOA has always been on my list of homebuying criteria.
LA to each his own. Some folks prefer the stability of an HOA you don’t but it does work for many people.
You can have an HOA with little cost. Ours has an irragation system included (pressurised) and we do have covenents that say the HOA must approve any changes to the outside - such as paint color, what type of fence and a number of other things that IMO keep the area nice looking and sale values higher. Our HOA dues went up to 150 a year so that is about $12.50 a month.
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High HOA fees
chris80014
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Do high HOA fees turn people away? I'm selling a house in Aurora, CO for $245,000 but my monthly HOA fee is $210. This doesn't cover utilities only community grounds. I have a detached home. A friend mentioned that $210 could equal $30,000 to the purchase of the home.
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