When my husband and I were looking at houses to buy, we saw many properties that we liked but one stood out from the crowd. There was just one hitch: It was in a neighborhood with a homeowner’s association.
We really appreciated the style and size of the home and it was in an area that provided a very close commute. It was also affordable and our mortgage payments would have been pretty reasonable.
But, despite the fact that the home was attractive to both of us and checked many of our boxes, there was one key factor that convinced us to pass up the property. Here’s what the issue was.
Some HOA fees can rival your mortgage
The home that my husband and I both liked was in a neighborhood with an association. Many properties we saw were in HOA neighborhoods since they are common in the area where we were looking to live. This was not, by itself, a dealbreaker.
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But, this one particular neighborhood had a specific fee structure that we decided we were not able to live with. Specifically, the HOA dues were more than $1,000 every single month. Now, there were a lot of amenities in this neighborhood including a golf course and some restaurants. And the dues covered a certain amount of food at the restaurant each month, along with access to community pools and the golf club…
