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We have lived in a house for thirty years and now we are ready to downsize and move to the Cary area.
Can someone tell me what the association fees include?
We have lived in a house for thirty years and now we are ready to downsize and move to the Cary area.
Can someone tell me what the association fees include?
Bill,
It varies by community. It can vary widely.
A well-run community will build and maintain cash reserves to try to avoid large assessments for maintenance purposes. Often communities that depend on assessments are run down because people can't accept a sudden $60/month boost to pay off a loan for siding, roofing, etc.
Many HOAs include exterior building maintenance, but exclude doors and glazings.
Usually landscaping maintenance is included.
Common area maintenance and lighting.
Master liability insurance policy premium for common area. This can be high if there is a water feature.
If the streets are private, maintenance costs will be included in the fees.
Some fees include a pool and cluhouse, or a playground, maybe tennis courts.
Typically, HOA items of responsibility are defined in the recorded covenants and bylaws for the community.
You should check with your management company and ask for a maintenance responsibility chart. The covenants are rather vague and the board has to clear up those with policy resolutions. Most can give you a chart of what's covered.
I'm in a small townhome community, less than 50, and our HOA fees are $100/mo. This includes, lawn maintenance, snow removal community pool, insurance, etc. So far, in 18 mos, no complaints about anything. Had a few problems that were addressed promptly and handled pleasantly. I know they vary depending on amenities. Have you found a place yet?
I'm in a fairly small (98) townhomes in Cary. Our monthly fee recently jumped from $148/mo to $218/mo - no pool, no tennis or other amenities! I know this is a rediculous amount to pay. We found out last winter that we also pay 20% of the landscape maintentance of the adjoining shopping center. This was never disclosed prior to anyone purchasing in here. Our community is working on this....and we hope to rectify the situation.
I've heard this is also the case at Grace Park....the new townhomes adjacent to the new shopping area in Morrisville (Davis Dr and Morrisville-Carpenter Rd). A portion of their fees includes maintentance for the shopping center too, I think around 16%. Buyer beware - if you purchase in a "mixed use" community...read the fine print.
I'm in a fairly small (98) townhomes in Cary. Our monthly fee recently jumped from $148/mo to $218/mo - no pool, no tennis or other amenities! I know this is a rediculous amount to pay. We found out last winter that we also pay 20% of the landscape maintentance of the adjoining shopping center. This was never disclosed prior to anyone purchasing in here. Our community is working on this....and we hope to rectify the situation.
Yikes, that's a lot! When I last lived in a townhouse (back in VA) my townhouse dues were $38 a month, with another $40 or so going to the master HOA to cover the clubhouse, Olympic-size swimming pool, tennis courts and 20 miles of walking trails. The townhouse dues did include trash pickup and snow removal (something we needed pretty often up there!), but did not include exterior maintenance on my townhouse.
I'm always amazed at how high some condo and TH fees are - I know it covers maintenance and amenities, but where my fees were almost an afterthought ($41/month), some really need to be part of your monthly budget (and calculation of what you can afford for housing).
when i was in the market for buying my first post-divorce home, i looked into townhomes. One new place in cary, nice homes brand new, 1 car garage though, 160k. THE HOA fees were $175/month. They did have a nice pool and gym complex but I said no thanks. Others seem to be about the same and they can raise it anytime it appears.
I bought my new single family detached home in holly springs with 2 car garage and .2 acres (small but still a yard) for $167K and $24/month HOA dues for the pool and common areas...
I am quite happy. Have you thought about something like I purchased? $175/month is like $30,000 more house over 30 years.
when i was in the market for buying my first post-divorce home, i looked into townhomes. One new place in cary, nice homes brand new, 1 car garage though, 160k. THE HOA fees were $175/month. They did have a nice pool and gym complex but I said no thanks. Others seem to be about the same and they can raise it anytime it appears.
I bought my new single family detached home in holly springs with 2 car garage and .2 acres (small but still a yard) for $167K and $24/month HOA dues for the pool and common areas...
I am quite happy. Have you thought about something like I purchased? $175/month is like $30,000 more house over 30 years.
What neighborhood did you end up purchasing in?
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