Updated over 4 years ago on . Most recent reply

What is the point of buying a condo in NY with the HIGH HOA fees?
Hey guys,
I've been considering buying a condo in NY for $<500K. There's a healthy supply of units but I noticed that each one generally comes with a monthly HOA/maintenance fee of $1000+.
So let's say you buy a studio for around $300K, the HOA is generally around $1500. With the mortgage, you're looking at paying $2000/mo after your 20% downpayment.
But once your unit is fully paid off (30 years), you're still paying the $1500 maintenance fee. Is there a point in even buying since you could just rent for a comparable place without the downpayment?
Or am I missing something here?