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Many people decide not to buy a condo because they don’t want to waste their money on homeowners association fees, which can cost hundreds of dollars and can run even higher in nicer downtown areas.
In my opinion, HOA fees are not a waste of money because you get something for the fees you pay. For one, you get exterior maintenance, which means if there are roofing problems or any other exterior defects, you are not responsible for them. Typically, these fees also include homeowner’s insurance, which keep you and your condo protected in the event a costly issue arises. Sometimes, HOA fees will include payment for water and even cable.
I’m not saying every dollar you spend on HOA fees is used efficiently, but you’re certainly not throwing that money away. There are many people who are living happily in condos and who enjoy the amenities that come with them. What you pay for HOA fees and what you get from them is a pretty fair trade off, so I advise against making a decision
based solely on them.
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