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We are considering this townhouse, asking 340k. But noticed that this community has a 71/mo hoa fee plus 245/yr pool fee to use their 4-5 tennis court plus a community pool and playground. Everything was shared by probably 1-200 houses. Previous townhouses I saw normally have 30-50 hoa fee with less amenities though. Do you think the fee are reasonable? Thanks.
Does the HOA provide exterior building and grounds maintenance?
If so, that $71/mo + $245/year would be a low fee where I live. Most are over $100 up to $200.
$1100 per year for total HOA fees? I'd say that's a darn good deal....double check that on that. Places around here range from $200-$1k plus per MONTH.
My parents live in a townhouse community in MA where the fee is $1200/month. My father-in-law lives in a condo association in Miami where the fees make my parent's fee look like a bargain. It's all relative. Talk to your agent about what the fee covers in comparison other communities in the area and make sure to thoroughly review the financial statements of the association before committing to buy. I know I often write into an offer a contingency that allows my condo buying clients to review the condo docs and financials and if they see something in there they don't like then they can walk.
We are considering this townhouse, asking 340k. But noticed that this community has a 71/mo hoa fee plus 245/yr pool fee to use their 4-5 tennis court plus a community pool and playground. Everything was shared by probably 1-200 houses. Previous townhouses I saw normally have 30-50 hoa fee with less amenities though. Do you think the fee are reasonable? Thanks.
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Monthly dues can vary quite a bit. Typically they will be higher in a high rise condo (elevators, lobby, halls, etc.) then in a townhouse or standalone house. The more amenities (pools, tennis, parks, et.) the higher they will be. Also a private neighborhood with private roads can get quite pricey.
One think to look at in the budget is Capital Reserves. This is money set aside for anticipated repairs like replace a roof in 20 years. A good rule of thumb is 15% of yearly dues should be set aside into Capital Reserves for down the road use like replacing the roof. Capital Reserves are not used for day to day operation. If less then 15% then beware they could be in financial trouble down the road.
Typically in a townhouse or high rise condo, the association will be responsible for all exterior building maintenance and landscaping. In standalone homes, the homeowner will generally be responsible for all it all themselves. In our standalone homes HOA, the association is responsible for all exterior home maintenance and landscaping. We are more the exception then the rule.
[quote=accufitgolf;30032998]Monthly dues can vary quite a bit. Typically they will be higher in a high rise condo (elevators, lobby, halls, etc.) then in a townhouse or standalone house. The more amenities (pools, tennis, parks, et.) the higher they will be. Also a private neighborhood with private roads can get quite pricey.
One think to look at in the budget is Capital Reserves. This is money set aside for anticipated repairs like replace a roof in 20 years. A good rule of thumb is 15% of yearly dues should be set aside into Capital Reserves for down the road use like replacing the roof. Capital Reserves are not used for day to day operation. If less then 15% then beware they could be in financial trouble down the road.
Typically in a townhouse or high rise condo, the association will be responsible for all exterior building maintenance and landscaping. In standalone homes association, the homeowner will generally be responsible for it themselves.
Our association is more an exception then the rule. We have 113 standalone patio homes with little common ground and no amenities. The association is responsible for all exterior home maintenance and landscaping. Our association dues are $600 per year. Yes, $600 per year. Very reasonable.
We are considering this townhouse, asking 340k. But noticed that this community has a 71/mo hoa fee plus 245/yr pool fee to use their 4-5 tennis court plus a community pool and playground. Everything was shared by probably 1-200 houses. Previous townhouses I saw normally have 30-50 hoa fee with less amenities though. Do you think the fee are reasonable? Thanks.
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So it's $71 a month...$1100/yr. IN ADDITION then you can opt in or not to join the pool at $245/yr and you say to use the other amenities. So it's $245 for the pool, tennis, playground. (So the playground is in a separated area so your kids/grands won't want to play there and you have to say no.)
Did you mean this is shared by 1200 houses or 100-200?
Can make a difference to you.
Consider in amenities things already mentioned...and grass, meadow, park, common walkways, clubhouse/bathrooms, etc.
Realize they have to save money all along or do a special assessment and risk people's upset. They need to save for whatever is common maintenance....siding, shared roofs. Does this cover patio/deck/balcony maintance, outside steps, parking lot maintenance, lights, mowing, on and on.
I like the idea of chosen sports membership. However, check to see if this means residents only or residents first and then non-residents. Also, you might like to know if your pool is the/one of the pools where the kids swim team practices and has meets. (This can change lately as pools decide whether to put in the new ADA requirements at pools, which are not required if the pool is for residents only).
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Makes me nervous
