did a lot of googling and couldn't come up with anything. so i'm interested in a condo that's being offered at a great price but the hoa fees are 200$/mon . it includes the regular upkeep, sewage , trash, water etc. but theres no pool , no valet or any other frills you could think of. all i could think of is that something happened and they had to increase th fees to make repairs. is there any way to find out why the hell the fees are so high with out owning the place first?

8/8/2008 7:13:38 PM

ask a neighbor?

Find out the HOA president/chairperson and ask them.

8/8/2008 7:16:38 PM

200 a month.. They better cook me dinner every night

8/8/2008 7:17:23 PM

mine's a ripoff at $425. we do have a valet and a sweet pool, but it's still a lot. you have to tip the valet.

8/8/2008 7:25:39 PM

It also includes insurance on the building, all you will need is a renters policy to cover your possessions.

8/8/2008 7:36:19 PM

ask for a financial statement. it should have all the debt and their current balance.

8/8/2008 7:45:32 PM

i thought about just asking people most of the surrounding units are being rented out so i'm sure they have no clue. is the chairman of the hoa public record or would i have to go through a Realtor to find that out? also has anyone ever had a decrease in hoa fees? i like this place a lot but can't see myself paying an extra 30% of the mortgage in hoa fees.

8/8/2008 7:48:49 PM

It sounds like you need a copy of the HOA budget for the current year and statements from last year. The management copy or the condo seller can get it for you.

8/8/2008 7:49:39 PM

be wary of buying if a lot of the units are being rented out, a lot of lenders have caps on % of units in the complex being rented and they may not finance in the neighborhood

$200 sounds like a ripoff

mine are $150 and include trash, cable, landscaping, pool and insurance on the outside of the building including foundation and roof

8/8/2008 8:03:20 PM

Mine was $300'ish.. fuck that shit, I'll never pay an HOA again.

8/8/2008 8:32:56 PM

mine are 160 and i was pissed. and you know they always go up too. i only plan on being here a few years so i guess its cool for now

8/8/2008 10:51:22 PM

do you have to join those things? or is it voluntary? i get the feeling its like "mandatory"

8/8/2008 10:54:29 PM

I've never experienced HOA fees going down, just up.

8/8/2008 10:54:38 PM

oh yeah always up, and our hoa doesnt do anything to the building

8/8/2008 11:05:43 PM

my hoa > $500



[Edited on August 8, 2008 at 11:21 PM. Reason : you dont even want to know my taxes ]

8/8/2008 11:19:11 PM

^jesus, you live in preston or something? I'd hate to pay even $100 into something as stupid as HOA.

8/9/2008 1:05:31 AM

dnl - yes they are mandatory. They can put a lien on your unit/home if they are not paid. It is a condition of buying the proprety.

I live in a single family home. We have a HOA but dues are only $20 a month so they can keep up the common areas and playgrounds. One fellow in our subdivision did not pay and ended up paying $5k for a lawyer just to lose his case.

My parents have a townhouse and their HOA dues actually seem like a good value (about $160 a month in North Raleigh). Their landscaping is immaculate, parking lot surfaces are in great shape, and maintenance requests for exterior issues are addressed quickly.

8/9/2008 10:29:48 AM

They can also force a foreclosure if not paid.

8/9/2008 10:42:24 AM

200 isn't unreasonable depending on what city it's in - if it's just in raleigh and not downtown then it's a bit high though

8/9/2008 10:45:35 AM

^^^

exactly (about your moms hoa)

i have no problems paying $150 a month when my lawn is always mowed, my landscaping always looks good, the roads are kept clean etc. when you see how your money is being used you usually dont have a problem with it

8/9/2008 3:47:43 PM

Typically on the MLS listing there is a section almost near the bottom that will list the HOA contact and fees.
Your Realtor can get this info for you if need be. The point its ther eis so you may contact and ask all the questions you want.

8/9/2008 10:30:18 PM

Quote :

"It also includes insurance on the building, all you will need is a renters policy to cover your possessions."

my renter's insurance runs me about $9 a month.

i really wish they would outlaw HOA, if you own the house and the land you should be able to do what the hell you want to with it.

8/10/2008 3:03:11 AM

^This thread is about a condo hoa. You can't have condos without an hoa.

My dues are 120/mo for landscaping, blanket insurance, water/sewer, trash, lighting in common areas. But that is highly unusual. I know most other condo dues are closer to 200 in Raleigh.

8/10/2008 8:25:09 AM

btw when you buy insurance for places like we're talking about that has the roof, foundation, etc covered in the hoa, you purchase contents insurance NOT renters insurance. its essentially the same thing but they are different in that you have a higher coverage amount because it includes things like the carpet, cabinets, appliances etc.

8/10/2008 12:11:17 PM

Quote :

"i really wish they would outlaw HOA, if you own the house and the land you should be able to do what the hell you want to with it. "

no, HOAs certainly serve a purpose, and some people wouldn't live in a subdivision without them (and certainly not a condo...you pretty much have to have them there).

Personally, I wouldn't live anywhere with a HOA or covenants, and I wish they were less prevalent, but there's a solution--buy a house some place that doesn't have them. Outlawing them is stupid.

8/10/2008 12:25:43 PM

bottom line, yes this is normal. find out who the mgmt company for the HOA is and call them. they are happy to provide potential homeowners with a financial statement so you see exactly where your money is spent. we do this all the time for closings.

8/10/2008 12:51:58 PM

$11 / month ftw

8/10/2008 2:21:57 PM