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Old 07-06-2008, 05:30 AM
19 posts, read 91,697 times
Reputation: 15


Hello please read first:


Now is was shocked, i want to buy a Condo in Miami Beach in the Price Rang 250 - 300 K, there are many nice Luxury Building now on the market that matches my price Range, with High HOA between 400 - 600 $ monthly + Property Tax

Now i has Fear to buy:

I can´t afford to pay for 10 or 15 non HOA Payers. I will buy and hold my condo, but must know the risk, really.

Did you know Condos in Miami Beach with that Problem ?
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Old 07-08-2008, 01:08 AM
Location: Dallas
427 posts, read 1,164,708 times
Reputation: 84
be careful.
HOA dues typically go up to keep up with rising cost of insurance and management companies.
Also be mindful that there are usually "special assessments" that are shared with home owners to fix budget problems in the HOA books which are caused by other home owners not paying their HOA's or some major damage to the building or major repair such as an elevator repair.

I have seen special assessments over $6,000 in one year before. That can be scary since there is really no limit to what can be assessed if their is something that is critical and needs to be repaired.

It comes with the territory when you own a condo. its a risk and trade off vs. a single family home.

have you tried looking into a condo unit that is in a hotel? That maybe better for you to lower your risk since the hotel would have deeper pockets to get out of some of those situations.
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