Hi guys just seeing what your experience has been on purchasing townhomes that have high HOA or single family homes any advice would be appreciated thanks! In my town the price of a new townhome almost is comparable to single family homes (Utah county, UT)
Realtor · Chicago, IL · Member since 2019 · 222 posts · 153 votes
6y
I actually like buying townhomes sometimes if the HOA is well run. It saves you from needing to put away significant funds for Capex issues like the roof, foundation, etc. because this is handled by the HOA. Just make sure they have sufficient reserves and no planned special assessments. You also want to make sure any sellers are in good standing with the HOA.
Realtor · Chicago, IL · Member since 2019 · 222 posts · 153 votes
6y
I actually like buying townhomes sometimes if the HOA is well run. It saves you from needing to put away significant funds for Capex issues like the roof, foundation, etc. because this is handled by the HOA. Just make sure they have sufficient reserves and no planned special assessments. You also want to make sure any sellers are in good standing with the HOA.
Real Estate Broker · Northeast PA · Member since 2017 · 2k+ posts · 2k+ votes
6y
@Nancy Ayala, I'm not a fan of POA communities, although I do own several properties in one. Being subject to rules/regulations that the board can change is fine... until it's not. And no telling when a special assessment or other unforeseen circumstance causes your bottom line to bottom out.
Realtor · Orem, UT · Member since 2018 · 20 posts · 8 votes
6y
Hi Nancy! I live in Ut County and am a Realtor with Livingstone Brokers here as well. One thing to ask is what does the HOA fee include. I've seen a good number of townhome communities that include utilities like water, trash, and sewer as well as insurance, maintenance, and pool/gym area. To me if some combination of utilities and insurance is included that makes a high HOA more worth it. If not, and its only snow removal or lawn care I'm not as willing to go for the High HOA.