Cody, if its' listed with an agent he/she should have EZ acess to MLS listing info which will include all HOA docs. typically they are online for EZ reviews. Need more info to determine if "it's normal". EG... are those / unit or a total for the 4 family?
You can request the HOAs budget and financials to determine if it's reasonable or not.
In addition to landscaping and pool, an HOA is also required to carry insurance on both the property and the board of directors' E&O insurance. They may also have a professional management company that will require a fee. Most HOAs are required to get a professional financial audit and file a tax return each year and then there may be legal fees to collect back dues from people who aren't paying.
There is a LOT that goes on behind the scenes in an HOA. Depending on the overall size of the complex, $270/month for something that includes a pool is probably a fairly average amount.
Here in Colorado, I pay the following:
$279 for a 432 unit community that has a pool, a clubhouse, an exercise room and pool tables, landscaping and a shared water bill
$305 for a 183 unit community with no pool, but has landscaping and a playground
$338 for a 120 unit community with a pool, a clubhouse and landscaping.
Your mileage may vary, but your HOA dues seem reasonable(ish) to me.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you