Home Buying in Asbury Park>Question Details

Annmail1, Home Buyer in Princeton, NJ

Considering buying a condo in A.P. The HOA fees seem pretty high, though. Any thoughts..?

Asked by Annmail1, Princeton, NJ Tue May 1, 2012

Also, would I be able to rent out my unit, for a few weeks each summer, to help cover the HOA costs...? (Do certain buildings have restrictions about renting?)

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7
Well the good part is you know your particular threshold for maintenance, and prefer control over your own utility costs. You'll need to stay out of buildings with common boilers and systems then, and concentrate on newer buildings with independent HVAC, which of course is your issue to service and maintain. Most newer AP buildings follow this format, though still have higher fees to pay for their amenities.
0 votes Thank Flag Link Mon Jul 30, 2012
HOA fees are based on size of unit.

Which condo are you looking at?

Gas, electric, water, sewer etc.

If there is a large common area, that adds to the HOA fees as well - swimming pool (North Beach), common area, doorman (northbeach) garages/parking lots all add up.

compare all condos in the area from Long Branch to Spring Lake. Also look at single family homes or apartments. Compare all costs/options.
0 votes Thank Flag Link Sat Jul 28, 2012
I am aware that some of the utilities may be included, but a $700 per month HOA fee is absolutely NOT worth it to me. There is NO WAY that heat/air, and basic cable could possibly cost even half that, and I could just put the extra $ towards buying a house, instead of living in a condo. I've looked at a number of places down there, and the only one that caught my eye had a monthly fee upwards of $600, and it was too risky of a building to invest in.
0 votes Thank Flag Link Sat Jul 28, 2012
Yes, some buildings do have restrictions on doing short-term rentals. You would need to inquire of each property you consider if this is a pre-requisite for your purchase.

Thank you,

Lynn Goldhammer
Realtor Associate
Prudential Zack Shore Properties
501 Grand Ave, Unit L3
Asbury Park, NJ 07712
Office: 732-531-1122
Cell: 908-433-0419
Fax: 732-774-3881
lgoldhammer@pruzack.com
http://www.pruzack.com/lynngoldhammer
0 votes Thank Flag Link Wed May 2, 2012
Try another association. Fees will vary by association. Also, be sure the association is solvent. If they are not, you will have trouble getting a mortgage.
Rental terms will also vary by association. Some will only allow annual rentals, some will allow seasonal and some will allow as short as weekly. You find that out through the POS.
Single family homes offer much more flexibility and there are some great buys in AP right now. Just a thought . . .
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Wed May 2, 2012
Hi, you have to becareful some condos only allow yearly or possibly six month rentals. There are some nice units available and reasonable prices, again we need to watch out for the HOA fees. The other thing you need to consider is the stability of the associations. We would need to make sure the association is in good financial standings, without that it could be challenging to purchase if you were doing a mortgage. I live close to the area (AP) and have listed and sold homes there as well.

Steve Porzio
Coldwell Banker
732 691 1668
steven.porzio@cbmoves.com
http://www.stevenporzio.com
0 votes Thank Flag Link Tue May 1, 2012
Good point, about the financial stability of the association. I looked into that, when buying the condo I currently live in. I've also heard that if there are lots of unsold units in a building, the HOA fees will go up, in order to have enough $ to cover the bills. My concern would be buying in a development/building that has lots of vacancies, and, thus, passes its problems onto the homeowners...
Flag Tue May 1, 2012
The majority don't have restrictions and yes, you could rent it out.

As for costs of the HOA's, you need to consider what's included. I live in the Presidential condo's and the fee is high, but it includes heat, hot water, electric, gas. The only thing I pay for is quarterly sewage bills.

There's something for everyone here, and all price ranges. I'd be glad to assist you further.

Lynn Goldhammer
Sales Agent
Prudential Zack Shore Properties
501 Grand Avenue
Asbury Park, NJ -7712
908-433-0419 - cell
0 votes Thank Flag Link Tue May 1, 2012
Thanks for your help. If the HOA fees include some utilities, that would certainly be more palatable. I already own a condo near Princeton, and the HOA fees only cover maintenance.
Flag Tue May 1, 2012
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