HOA fee for condos and townhouses in Portland (HOA fees, homeowners insurance)

[moveagain]

I am just checking the online listings - and most of them look really high , and I wonder if it includes property tax, then it would make more sense for a 700 sqft condo to have $600 + monthly HOA...

[Pfhtex]

HOA does not include property taxes or Homeowners insurance - although with ah HOA, you will pay less for your homeowners insurance policy.

[texasdiver]

Pfhtex is right that HOA doesn't include property taxes or homeowners insurance.

However it has not been my experience that the presence of an HOA gave me lower homeowners insurance. I don't recall that ever being a question even asked when I have shopped for insurance. Security features such as a gate, perhaps that might provide a slight discount on homeowners. But not an HOA. At least in my experience owning several homes under both HOA and no-HOA.

Maybe it is different or condos? On the other hand, I doubt you would find a condo without some sort of HOA as it is more or less required for a condo with all the shared property.

Just be thankful you aren't shopping in NYC. The building maintenance fees are astronomical there.

[Futuremauian]

Originally Posted by moveagain

I am just checking the online listings - and most of them look really high , and I wonder if it includes property tax, then it would make more sense for a 700 sqft condo to have $600 + monthly HOA...

In Hawaii,$600 per month would be considered quite reasonable. Higher end condos here are often several thousand dollars per month.

HOA dues typically include insurance on pools, structures and shared facilities (plumbing/parking/BBQs, etc.).

You pay to insure the inside of your condo (including plumbing inside your walls) and contents. Sometimes also the windows/balcony railings/etc..

[Cinema Cat]

My Santa Monica condo's HOA fees include earthquake insurance, but not homeowner's insurance.

[pnwguy2]

HOA are necessities in any condo community and have others have stated they rarely include property taxes. Mostly any outside your walls maintenance including grounds keeping, parking lot maintenance, and pool maintenance if applicable. Low HOA fees are as bad as high HOA fees. The sweet spot is usually somewhere in between...enough to cover the basics. I have heard that in most cases your annual HOA should be about 1.8-2.8 percent of your condo value, depending on services offered. Some can be much higher with greater services.

[ccjarider]

Originally Posted by pnwguy2

HOA are necessities in any condo community and have others have stated they rarely include property taxes. Mostly any outside your walls maintenance including grounds keeping, parking lot maintenance, and pool maintenance if applicable. Low HOA fees are as bad as high HOA fees. The sweet spot is usually somewhere in between...enough to cover the basics. I have heard that in most cases your annual HOA should be about 1.8-2.8 percent of your condo value, depending on services offered. Some can be much higher with greater services.

This is an excellent comment from which many people should gain insight.

It costs money to maintain public grounds and address wear and tear. The HOA has a fiduciary duty to ensure the organization is fiscally viable and responsible to address both known and unknown items that are going to happen.

When unethical HOA's kick cans down the road attempting to keep fees artificially low, it affects everyone too a much greater degree later on when the chickens come home to roost.

People who complain about HOA fees need to get on their boards and see the real costs of running their associations and grounds. They can be eye opening.

If that bothers some folks, they are better off not buying into an association.

[moveagain]

Originally Posted by ccjarider

This is an excellent comment from which many people should gain insight.

It costs money to maintain public grounds and address wear and tear. The HOA has a fiduciary duty to ensure the organization is fiscally viable and responsible to address both known and unknown items that are going to happen.

When unethical HOA's kick cans down the road attempting to keep fees artificially low, it affects everyone too a much greater degree later on when the chickens come home to roost.

People who complain about HOA fees need to get on their boards and see the real costs of running their associations and grounds. They can be eye opening.

If that bothers some folks, they are better off not buying into an association.

Just to be clear , I am by no means against HOA fees, and I have lived/owned homes with HOA fees in different places in the past , but I have never seen HOA so ridiculous high like this - well, I haven’t been to any of those in person, but just by looking at the photos online I can’t think of anything they have done to make me think “yeah they must have put a lot of work to maintain this community” - it looks no better if not worse, than places I have lived in with much lower HOA

[Nell Plotts]

You really need to peel back what is quoted in HOA fees. For example, I live in the only co-op building in Oregon. Our "fees" include property taxes, utilities, and property management. When you compare costs item by item to a condo our costs are much lower. The one issue is that it is possible to obtain a mortgage on a condo but not on a co-op unit so co-op purchasers must have a lot of $$$ upfront.

I have an opinion on condos in Portland, not all are good values long term.

[texasdiver]

Originally Posted by Nell Plotts

You really need to peel back what is quoted in HOA fees. For example, I live in the only co-op building in Oregon. Our "fees" include property taxes, utilities, and property management. When you compare costs item by item to a condo our costs are much lower. The one issue is that it is possible to obtain a mortgage on a condo but not on a co-op unit so co-op purchasers must have a lot of $$$ upfront.

I have an opinion on condos in Portland, not all are good values long term.

People will pay hundreds of dollars to hire an inspector to do a top to bottom inspection of a single family home. But they often don't do anything like that when purchasing a condo. There is just as much due-diligence necessary when purchasing a condo as a house. Maybe more so.