Hi everyone! I've been looking into some properties that make sense numbers wise. However, they all have monthly HOA fees associated with them. I have looked up a few things about these fees, but I still don't totally understand them. The numbers would all make sense and it would be a great deal if I could eliminate all the HOA fees.
Does anyone have any experience with HOA fees that they'd be willing to share? Is there a legal way to eliminate the fees or do they just come with certain homes? I'd love any feedback or experiences that you have! Thanks so much!
Nope. HOA fees need to be calculated as another line item on your expenses. Nothing most people can do about them.
@Parker Jackson no way to avoid them if they exist. HOA fees and rules can be very limiting
Nothing you can do about the HOA fees except calculate them as part of your expenses.
As Tracy points out, you should try to avoid properties within an HOA. The fees will never get cheaper, the rules can be very restrictive for Landlords, and the strength and value of the entire community rests on the HOA board. If you get a bad HOA, they can squander the funds, create wars between owners, harass you to death over something ridiculous, and generally suck the happiness out of your life.
On the other hand, they may be great.