Benefit vs Drawback of HOA:
HOA will help ensure the community remains in nice condition. The other benefit of HOA fees is that they often also include cable, water, and exterior building insurance; therefore, do research what is included in the HOA, as it appears you have. You should also inquire if there is a mello Roos tax included in the monthly fees.YOu have identified about $1000 per year padding to HOA management fees. Good research! Yes, I would say that is otherwise money wasted.
Drawback of HOA -
The benefit of NO HOA is owning the land and improvement. This creates more appreciation potential than an attached home with HOA. Also, the demand from buyers is stronger for non - HOA properties as people inherently do not want to be told what they can or can't do with their home. Lastly, especially in this economy, if the HOA has member homeowners that are delinquent on their fees of more than approximatly 15% or if the HOA has more than 40% investment home owners (percentages to be verified with loan officer), then the banks will not lend on the properties and the values of the properties are at risk to substantially drop in value through no fault of your own. Again, you lose control when you have an HOA.
David Dukes email@example.com 619-788-7388