HOA Dues On Rental
New to HOA's and dues structures.
What is a "reasonable" monthly assessment?
What should one expect in return?
I'm looking at somewhat distressed 30 year old condos to rehab and rent. I love the location and setting, but I was startled at $153/month fee.
There is a small pool, and an unlit tennis court.
I suppose there is some expense in pool maintenance.
But roofs are bad; the exteriors are poorly kept with lots of rotten trim/siding, rotten balcony railings, pavement is rough.
Landscaping work is maintained, but that is about what I can see.
It's a shame,a s I think I can be positive c/f, and even more so if the HOA fee was lower.
So, what is reasonable, and is an HOA a deal -breaker?
What experience can others share on HOA's, and how to make the most of it?
[addsig]
Run! Run as fast as you can!
There is no guarantee that you're monthly dues will cover major exterior repairs and when they don't, every owner gets an assessment. From your description, the monthly dues may end up being only a small portion of what you'll be responsible for.
"Upon further review..."
HOA fee is $193.50/monthly, including a $36 assessment for new roofs.
We're talking $40,000 dollar units.
Currently "run, running as fast as I can..."
thanksf or the response.
[addsig]