SFH or condo/townhome with HOA fees?

[Ashley Lynn]

Happy Monday Everyone, Here in south Florida many properties come with a hefty HOA. Granted this often covers roof repairs, exterior insurance, lawn care, sewer and some other expenses. I am curious what other investors find to be more beneficial, buying a property with a HOA or a SFH without a HOA but more out of pocket expense? Is the 200-500/month HOA fee worth it?

[Anette Lyons-evans]

I won’t invest on properties with HOA, they can raise the fees anytime and without your vote. I owned a condo with $250/hoa. The hurricane caused damage to the roof and instead of fixing it, the HOA decided to replace it. The fees went up to $850/month for a few months until They were able to get a loan and finance it. The fees were lowered to $500/month. We couldn’t sell it for a long time.
If you still want to do it, make sure to review the HOA budget and confirm the community has reserves.