House vs Condo or gated community (pensions, state, retired, vacation)
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We chose Condos about 12-years ago; 6-years since retirement, and have never regretted the decision:
a) Location (Oceanfront / Harborfront) - SF Homes run about 3X for same location
b) Low Maintenance - No yardwork or high maintenance on roof, paint and a host of other standard SF Home costs.
c) Highly controlled environment: No funny house colors, cars parked in yards, zoo animals or out-of-control neighbors
d) Amenities without the maintenance: Pool/s, Suana, Exercise Rooms, Party/Game Rooms;
e) Restricted/Controlled access similar to that of any 'gated community'
f) No significant cost difference between HOA Fees and comparable SF Home maintenance/service expenses
We chose Condos about 12-years ago; 6-years since retirement, and have never regretted the decision:
a) Location (Oceanfront / Harborfront) - SF Homes run about 3X for same location
b) Low Maintenance - No yardwork or high maintenance on roof, paint and a host of other standard SF Home costs.
c) Highly controlled environment: No funny house colors, cars parked in yards, zoo animals or out-of-control neighbors
d) Amenities without the maintenance: Pool/s, Suana, Exercise Rooms, Party/Game Rooms;
e) Restricted/Controlled access similar to that of any 'gated community'
f) No significant cost difference between HOA Fees and comparable SF Home maintenance/service expenses
I'm right there with you, Mr. Horton. When I was single and all I could afford was a townhouse, that's what I lived in. I couldn't wait until I could live in a single family home and have lots of space for my crafts and my gardening. I travelled for a living and felt as if coming home to a condo would be like another night in a hotel. I wanted my own door! I was granted my wish and now live in a beautiful 4 bedroom home with a screened-in pool, a waterfall, outdoor speakers, the whole ball of wax. We have a pool guy, a lawn guy, a bug man, a cleaning lady, a tree man and a few I've probably forgotten to list. The upkeep on the house runs us about $800.00 a month.
While we can afford it, it seems wasteful to me for two people to occupy so much space and use up so many resources just to be comfortable. So, we're moving to a condo at the end of the year. The HOA fees are 500.00 a month, which seems like a bargain to me. Beautifully landscaped, indoor olympic sized lap pool, 24 hour security, and a fantastic location.
Meanwhile, my 80 year old parents are still living in the home I was reared in -doing laundry in the basement, mowing 5 acres, planting the obligatory summer garden and dealing with winter snow removal. They think we're crazy. We think they're crazy.
Moral of the story? There's no right answer!
Best of luck to whatever you decide, Beach Sportsfan!
To me, paying the fees for upkeep and gate/guards is worth the expense. If there is an emergency, one of the guards responds within minutes (and we have had emergencies!). Hubby can no longer take care of our yard and my favorite gardening job - pruning - is really difficult for me b/c of shoulder issues. So for those reasons, the HOA fees and gate/guards fit our circumstance.
The HOA fees at our townhouse are less than it was costing us to pay for someone else to do the upkeep in our single family home.
Everyone's situation is different, though! And every HOA has its own rules. You just have to carefully review covenants, make sure the HOA is in good financial shape, be certain you can live with restrictions. I have always preferred NOT having to spend money on HOAs but as we have gotten older, I have realized that for us that monthly fee means things are in place that are important to us.
We've lived in a gated subdivision with about 600 homes for 17 yrs now in the Philippines with at least 10 security armed guards 24/7! It's pretty safe!
To me, paying the fees for upkeep and gate/guards is worth the expense. If there is an emergency, one of the guards responds within minutes (and we have had emergencies!). Hubby can no longer take care of our yard and my favorite gardening job - pruning - is really difficult for me b/c of shoulder issues. So for those reasons, the HOA fees and gate/guards fit our circumstance.
The HOA fees at our townhouse are less than it was costing us to pay for someone else to do the upkeep in our single family home.
Everyone's situation is different, though! And every HOA has its own rules. You just have to carefully review covenants, make sure the HOA is in good financial shape, be certain you can live with restrictions. I have always preferred NOT having to spend money on HOAs but as we have gotten older, I have realized that for us that monthly fee means things are in place that are important to us.
I wholeheartedly agree with you despite having heard my share of horror stories. A lot of my friends and I had condos because they're so conducive to a flight attendant's lifestyle. The Board President at one friend's condo would make the vendors pay to get the contracts, and then would allow the companies they gave the contracts to to inflate their prices. Then you read about of all the Treasurers who embezzle. My HOA was very well run and we had strong reserves. Some Condo Associations try to get away without funding the reserves so they can keep the monthly maintenance fee down, but you just end up with frequent assessments. Some of the concrete restoration and hurricane window replacement assessments along Pompano Beach condos were 30-40 thousand dollars. But as I posted earlier, we're moving back into a condo again and quite looking forward to it! But you do need to do your homework.
I have lived in my SFH near Orlando since 2006. At this point in my life I can no longer physically take care of it and it is no longer financially responsible to hire other people to do so. I am fully retired and live by myself. I am pretty strong but am too small to handle much of the required equipment.
Thankfully this time has come at the same time, I think (fingers crossed) that my home is no longer underwater and if I sell at least I won't have to bring money to the table.
So my next place will probably be a single level condo or master on main townhome and I will teach myself to live with the assessments and fees (as much as it galls me) as I put my feet up on my little balcony watching nature or as I go on my travel vacations.
If you are retired and doubting how long you can physically do the outside maintenance, do a cost analysis for yourself and how you feel comfortable. If you are a couple or physically capable, there is a lot of satisfaction in doing things for yourself.
Finally getting around to reading this thread. The one thing I haven't seen mentioned is insurance costs of each. We are just at the very beginning of figuring out what our next step will be which could be a second home in Florida. Right now we think we want to be near the coast and from the stories I've heard, home insurance is sky high or next to impossible to get depending on where and how close to the coast. It is one reason I'm personally shying away from a single family or townhouse community and more in favor of a condo with amenities that I would use. Yes, there's HOA fees but how does home owners insurance compare if you are in a condo complex and get hit by a hurricane or other disaster? Any comparisons on this front?
Yes, there's HOA fees but how does home owners insurance compare if you are in a condo complex and get hit by a hurricane or other disaster? Any comparisons on this front?
As a condo unit owner, you'll be purchasing a relatively inexpensive HO-6 policy to cover your possessions and the interior of your unit for any damage (fire, wind, etc.). The largest aspect of insurance coverage (including "hurricane" insurance) is on the building itself and is paid by the HOA. Such coverage is included in your monthly fee. Keep in mind, however, that the building's coverage will include a large deductible, so there would most likely still be a special assessment if a hurricane were to damage the building.
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