Home Buying in Tampa>Question Details

chiefwilson, Home Owner in Tampa, FL

I was going to purchase a 3/2 1595sq ft condo in South Tampa, but those HOA fees ($289) dissuaded me. Should I cancel the contract?

Asked by chiefwilson, Tampa, FL Wed Oct 26, 2011

Help the community by answering this question:


Good job covering your bases. 203k's can be awesome...especially when you work out up to 6 months payment free during renovations. You are correct in that Monthly Maintenance fees as well as HOA's have no basis for cost (sometimes affected by low occupancy numbers as well). Meaning, they can raise quite substantially and homeowners have very little say.

It sounds as if you have educated yourself well :-) just be patient and don't rush into anything before you're ready. Oct - Feb is ideal because it is off season so sellers are typically a bit more willing to negotiate during this time.

Happy Hunting, and feel free to contact me if you need a Realtor to help you in your home search.

Have a great evening.

Charlene Weston (Cobelo)
0 votes Thank Flag Link Fri Oct 28, 2011
Hi Charlene,

The contract included a 15-day clause that allowed me to gracefully bow out and keep my deposit, which I did. I'm just not a fan of HOAs after reading about them.

I think I'll just buy a SFH with a 203K and upgrade it to my liking ;)
0 votes Thank Flag Link Fri Oct 28, 2011
Good Evening ChiefWilson.

I am just a bit concerned for your situation sir. In a standard purchase contract, there isn't typically a way to cancel for any reason. Usually the standard contract has contingencies in place if financing or inspections fall through.

You may be bound to the contract or at minimum risk your deposit. Did you work with a Licensed Realtor on this purchase? You may want to be careful and make sure you aren't setting yourself up for additional issues before you make this decision.

Best of luck to you sir.

Charlene Weston(Cobelo)
0 votes Thank Flag Link Fri Oct 28, 2011
I think you should evaluate what you are getting for $289.00.

Many people are happy to pay an HOA fee in order to lock their door and walk away, knowing someone else is going to maintain their home.

Is it a gated community? do they replace the roof and paint the outside when needed? Do they have a heated pool, tennis courts, club house?

Many communities have security, pest control, include basic cable and or water. The community has to carry some hefty master insurance premiums, flood insurance, replacement value, fidelity bonds, liability, etc.

Only you can decide if you are getting what you are paying for. If you think it is worth it great, if not then you have your answer.
0 votes Thank Flag Link Thu Oct 27, 2011

I should have clarified - my apologies. I've signed a bid to purchase the property but I haven't closed on the property. In fact, I can cancel my contract before the close with no hard feelings. I'm just having second thoughts about Condos and HOAs.
0 votes Thank Flag Link Wed Oct 26, 2011
You probably do not have legal grounds.
The HOA fee should have been evident from the start and there is no Contingency on that.
0 votes Thank Flag Link Wed Oct 26, 2011
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