Homeowner Associations are fairly common, but what a lot of people don't consider is the dramatic impact that their yearly fees can have on your buying power.
Whether we like them or hate them, HOAs aren't going to disappear anytime soon. Whether you're an investment buyer or buying a home as a primary residence, you'll have to pay these fees.
I used to own a home and had to pay HOA fees. I didn't mind it so much at first. It was a $249 fee, but by the time I moved, the fee had increased to $450 because the Association kept running into problems. When you buy into a HOA, review the HOA Document to ensure you're putting your money into a worthwhile organization. Examine the budget and speak to leaders of the HOA.
HOAs work for some people, but I recommend everyone to look at their budget and ensure that it's a worthwhile investment for yourself and your family. If you knock off the money you pay in those fees, it will allow you a larger total purchase price for a home.
If you have any questions or concerns about this, please don't hesitate to contact me. I'm always here to help you!
