camp.avan, Home Buyer in Nashville, TN

Is it a HOA fee of $200 a month high on a condo? Is it worth it?

Asked by camp.avan, Nashville, TN Mon Jan 7, 2013

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Condo living is a lifestyle choice for people looking for minimal maintenance, while still enjoying the benefits of property ownership. Condo fees may include building maintenance, grounds upkeep, insurance premiums, and recreational facilities (if any) among other things. If you were to purchase a single family home you would be responsible for all of the upkeep of the home; roof, exterior, landscaping, etc. which could be much more than an HOA fee. You need to weigh the cost of the HOA fee with what you get in return to see if it's worth it for you.
Margaret Moore
0 votes Thank Flag Link Thu Jan 24, 2013
Down here in Hurricane country, with high wind insurance, we think $200 is a LOW condo fee! As others have said, it's all about what you're getting for your money...
0 votes Thank Flag Link Thu Jan 24, 2013
I actually viewed a property the other day which had a $300 HOA fee per month on a condo and the subdivision did not even offer any amenities. It blew me away. The condo was very inexpensive but to add $300 to a monthly payment sent my buyers running the other way.
0 votes Thank Flag Link Thu Jan 24, 2013
It really depends on what's included. Is there a pool? How about a gym? Insurance?

In the scheme of things $200 isn't that much - depending on what it covers. But HOA fees aren't really the big consideration on condos right now. Check out my latest blog link below. Do you have an agent who understands the condo market?
0 votes Thank Flag Link Mon Jan 7, 2013
It just depends on what the association covers, ex: pool, exterior maintenance, landscaping, etc.
Also whether the unit is on the end, middle. Location of the property, I've seen the fee's anywhere from 95.00 - over 500.00 a month.
0 votes Thank Flag Link Mon Jan 7, 2013
I'm showing $157/month which is in line considering there is a pool and clubhouse. It's also a good location which can affect the dues.

It's often good to talk to your insurance agent when weighing HOA dues to see how much of the dues are offset by what you save on your homeowners insurance. You may also be saving lawncare and trash pickup costs so these are all things to consider when evaluating the HOA dues. There are even condos where the homeowners cover exterior maintenance. Weighing the HOA dues versus the cost of replacing your own roof may also put things into perspective.
0 votes Thank Flag Link Mon Jan 7, 2013
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0 votes Thank Flag Link Mon Jan 7, 2013
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