Looking to acquire some properties in a local college town. Outside of apartments, most of what is available is only town homes and condos. The numbers seem reasonable other than HOA fees. Any feedback would be appreciated.
Higher risk with condos because that HOA fee can change at anytime, I would find out who decides that. If the people living in the community itself make the decision then it will usually stay the same. Also, Condo associations can change the rules at anytime therefore can make the decision to make condos owner occupant only. Condos are also known for harder resell.
The plus side to them is condos are low-maintenance and you can probably manage the property with out a professional company.
Just somethings to think about.
I hate HOA fees with a passion unless it works with the HOA just move along if it does do your due diligence on the HOA, sometimes they can be insolvent or undergoing pending litigation which is a whole lot of headache you don't need.
@Ivy Flowers Thanks for the feedback!
@Aaron K. Thanks for the feedback!