I our market, which is primarily Resort Real Estate, the HOA Dews are separate from the mortgage. We ahve pretty high dews compared to others and many times cash buyers. These cash buyers are still subject to the HOA dews defined by the HOA in the declarations and by laws. Good luck!

Wed Feb 20 2008, 10:06

Thanks to all who answered. This is what I always thought, but it occurred to me that I might be wrong. I thought maybe after paying for these services for 30 years, you were done paying. Ha! Nothing's free! I had been thinking about it because of a townhouse I looked at that had an HOA of $300. I thought, what happens when you're retired and on a fixed income? What if your HOA keeps going up? Pretty soon you won't be able to afford that townhome anymore...

Thu Feb 14 2008, 15:13

A mortgage and a HOA due are 2 different things. If you pay off the Mortgage you still will always have the HOA dues.

Wed Feb 13 2008, 20:30

Your HOA fees are maintenance fees for your unit and the common areas. It will adjust upwards when the association deems necessary and/or votes. Roof, siding, landscaping, pools, insurance, etc.. is what your HOA fees are for, so even when you pay of your Mortgage maintenance will be needed, whether or not it is a family home or Townhome. That money will need to be allowed for.

Wed Feb 13 2008, 20:08

Merm,
Should you buy a home with an active Homeowners Association the fees would be on-going. It doesn't matter if you own the home free and clear, or have a mortgage. The Association fees are for maintenance items for things such as outlots, assn. parkland, maybe pool maintenance, etc. If it is a condo association that would also include exterior maintenance of buildings, grass cutting and landscaping.
Of course, if you had a single family home, even if your house is paid off, you would still have to spend money to maintain your yard, exterior painting, roof, etc. If you are a handy person, and like to do lawn work, etc. maybe that may be a better choice for you.
But, if you value having your personal time to do things you want to do- rather than lawn work, etc. maybe a townhome or condo would be preferable.
There are options to fit everyone's needs. Just look until you find one that fits you. Good Luck to you!

Wed Feb 13 2008, 19:46