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Are HOAs worth it?

Hi everyone,

I’m personally a first time buyer. My husband and I have been renting (a one bedroom apartment) for about 5 or so years now. We have another kiddo on the way to make us a family of four so we definitely need to upgrade. With that being said, grandmother is helping my family put a down payment on a condo. She is strict about the condo and not a home as maintaining a home would be more costly - I do agree with her on that.

Condos that have peaked my interest are townhouse styles condos which I noticed also come with an HOA fee. The original complex we were looking at which had two condos for sale, we missed grabbing them. One went into contract before we were able to place an offer, that has since closed. The other, which needed heavy maintenance, went way over its asking price and is now pending. The HOA fee for this one was under $400 which I personally didn’t mind. The units were about (1.2k - 1.4k square feet)

Now, this new unit that I noticed that went on market that looks extravagant(2.4k square feet being one perk) . Definitely some painting needed to be done, etc. Has a $810 a month HOA. I personally tried avoiding the listings with outstandingly high HOA fees as I was questioning would I want to pay this for the rest of my life, but for something that I am looking for (townhouse style), in one of the towns I’m searching in, has assigned parking and a private garage, is close to the train for my husband to commute, etc. It definitely seems pretty ideal.

My question is what exactly is the job of the HOA? Am I able to find their “rule book” if I ask my broker? What are the pros and cons of an HOA? If I’m specifically looking for a condo (townhouse styled ones), are they all supposed to come with HOAs? Can the rate of an HOA increase?

I’d appreciate any insight! Thank you 🥰

submitted by /u/DuckSwimmer
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source https://www.reddit.com/r/RealEstate/comments/1sx2lad/are_hoas_worth_it/
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