“Wed really love to get into a house, but cant afford one, so were going to buy a condo. Were looking for a condo with very low HOA fees. Which do you recommend?”
***ANSWER:
Be careful what you wish for.
A friend of mine has a huge contracting business that repairs and renovates older condo complexes. You might say he does total makeovers for them.
He was telling me that he runs into some complexes that have such low HOA fees that they dont have funds even to make desperately needed repairs. So they have to charge each owner a special assessment amounting to thousands of dollars.
The bottom line is that if your HOA fees are too low youll either end up with a complex in poor condition or get whacked with special assessments every time repairs are needed.
It goes back to the old adage of you get what you pay for.
