First-time home buyers, need advice

[vivithemage]

Originally Posted by kww

A lot of these sites do not have a way to distinguish the frequency the payment is made, so you end up with an inaccurate number published. Agents just choose to not publish it at that point.

My girlfriends neighborhood, for example, has three separate HOA fees paid. One is paid monthly, the other two are paid once a year every January. There really isn't an accurate way to display this, even in the MLS. It's annoying to see listing agents in her neighborhood not mention it in a listing, sometimes only publishing the monthly fee. Buyers in some cases won't find out until the HOA docs all arrive, usually well after they've spent money on an inspection/appraisal.

As someone who recently sold a condo, the first thing we gave to them was the condo documentation and HOA dues information, BEFORE they did the appraisal/inspection. Any realtor worth their salt that has done a purchase/sale with HOA will know to ask/list this.

[NC211]

On HOA's in general (I've not read all of this thread), for those looking at new construction, be weary of the HOA fees as they're stated by the developer (who is your seller). HOA's are 100% controlled by the developer until the developer is fully out of the project - meaning, last unit is sold and county has released them from their bond obligations (which signals county accepts the development into their own maintenance programs, along with VDOT for the roads, mostly).


I say be weary, because the HOA dues while a developer is in control, really aren't needed. Maintenance for the neighborhood is already budgeted into their expenses from day one, like snow removal. So, to entice buyers in a $200/month HOA environment, the developer might advertise $100/month HOA dues. But, once the developer leaves, don't think you'll be staying at that $100/month level when you're surrounded by already established neighborhoods that pay twice that. Although it all depends on the services you receive (some have cable tv included), and some have pools.


Just, be weary. HOA fees spiking up after the developer (and their budget) have left the neighborhood, happen more times than not.