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As most of you know I've been having a awful time finding housing in Myrtle. My husband and I decided to go with purchasing a town home. We picked one out, it was brand new or we could have one built the way we wanted it, with wood floors and so on. Everything was perfect even the mortgage payment and fixed interest rate until this nasty little thing called a HOA fee came into play, it is the one thing that stopped every thing. What i'm wondering is does anyone know if there is any new never before lived in town homes or town homes I can have built in or around myrtle with little to no HOA fees? Also is there any way around a HOA fee or anything I can do to get the price of a HOA fee lowered or any sort of grant money or anything that would be able to help with that. Advice, help...anything? Never bought a home before, this will be our first. I just hate the fact the only thing stopping us from owning is a silly little upkeep fee. It seems like it is always something and generally just one thing stopping everything all the time. For the record I can live without pools and fitness facilities, and so on but I can' live without a great newer interior.
Location: Lakewood NJ/Murrells Inlet SC/ N. Naples FL/Swainton NJ
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Parmelee is nice and right across Tournament Blvd. from where our Townhome is, Park West. You are not going to find a townhouse/single home/condo community that does not have an HOA fee. It takes care of the common areas like the pool and, usually, all of the outdoor maintanence. Our fee covers lawn and landscaping, basic cable, water, insurance on the outside of the structure, power washing and little things like dryer vent cleaning, pesticide spraying, security plus the pool and all other community facilities. Plus there are rules (some you like and some you don't) for keeping the community looking nice and maintaining the quailty of life for all residents.
Having owned a couple single family homes over 40 years I think that the "bang for the buck" that the HOA fees deliver is worth it. Of course it is a monthly or quarterly expense that has to be factored in, but I love the idea of not having to service my own pool or cut my own grass, etc. and don't believe I could or would want to provide all the labor and expense it would take to cover what our association takes care of!
Parmelee is nice but a bit out of our price range. I was hoping to find another brand new never before lived in (or to be built) town home in the price range of 100,000-120,000 with very low HOAs and by low I mean like $10-$15 a week give or take a dollar or two. The one we looked at the HOA was 150 on the month which stacked on top of the mortgage payment would just be to risky to try to take on. If anyone has a list of the lowest HOA brand new (or to be built) town homes in or around Myrtle let me know.
Your best bet will be to conatct a local realtor who can send you daily email updates of available properties in your price range and who can do the research on scouting out HOA fees. Also, check out the local newspaper (The Sun News is available on line). As an example the morning real esate section advertised two town home developments (in nearby Conway) both under $100K. One of them according to google has monthly HOA fees of $25. Send me a private messge if you have any questions.
I'm in contact with a agent now, hopefully I have better luck this way. Thanks to everyone who has replied so far, everyone has been very helpful on this board.
I agree with mkaz01, if you are going to purchase a condo/townhome, it's best to work with an agent and give her/him your parameters for everything including HOA fees. Also, ask the agent to educate you regarding the pluses and minuses of condo ownership. Because these units are interconnected, HOA fees are required to maintain the exterior, insure common areas and in some cases the exterior, do repairs to steps, elevators, etc that everyone uses, pool maintenance, pay taxes on the land, electricity for parking area lights, maintenance of the parking lot, pest control, etc. Even if the condo complex does not have a pool, most of the other expenses still exist. ALL condos will have HOA fees...it's just a matter of how much and what do they cover. Sometimes they cover trash collection and basic cable...sometimes they don't. You just have to find the right complex with the right mix of fees vs things you pay for yourself.
Additionally, you need to be aware that complexes have the ability to levy special assessments on top of the HOA fees. For example, if you were to buy in an older complex with low HOA fees, the fees may not have accumulated enough to pay for replacing the roof (which is considered common area in many complexes). The HOA can levy a one-time assessment which everyone has to pay to cover the cost of the roof. This can amount to several thousand dollars. I've read stories about people buying a condo and three months after moving in getting a special assessment for thousands of dollars to pay for replacing a roof, siding, repaving the parking lot, etc.
Based on your reaction to the HOA fees in your post above, it would appear that you are new to the condo/townhome market. Do your research...lots of info online about the pluses and minuses of condo ownership and talk with your agent. But make sure your agent is working for you...in many cases, agents (even if you contacted them and they are not the listing agent) are, by law, working for the seller. You need a buyers agent who will be working for you.
Location: Lakewood NJ/Murrells Inlet SC/ N. Naples FL/Swainton NJ
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I know the three HOA's we pay into have a "reserve" fund to cover major expenses both routine and emergency maintanence and repairs. The cost of roofing, siding replacement, painting, etc. is covered. You might want to check to see if a particular HOA has such a fund. I believe, by law in most states, they must.
The ex and I purchased a townhouse in MI/GC. They were built about 1988 or so, we did alot of upgrades and improvements but we were still living in what you might call an older townhouse development. Our HOA fees were only $85, covered all the grounds and pool maintenance, outside lighting, insurance on the grounds, etc. A year before we bought, the complex needed to replace the roofs and there was a special assessment on all the homeowners to cover it. There is no way around HOA fees, no grant money available to lower them. I don't think you will find a new or almost new complex with fees less than $150. For a new complex, and what you say you can't live without, $150 is dirt cheap. All new complexes will have pools, tennis courts, maybe a spa/whirlpool area, etc. All these things are paid for and kept up with HOA fees. That's just the way it is. Even many of the housing developments have HOA fees. To find brand new, never lived in, no HOA fees, you're going to have to buy a lot and build yourself, in an area that's not an neighborhood with an HOA.
Remember the story of the Little Red Hen?
Think of HOA dues as an "insurance policy" of sorts for you the homeowner. The Association makes sure everyone pays their fair share of upkeep and maintenance in your community and also can address issues where neighbors violate the Covenants of the community. One unruly neighbor can seriously damage property values if they were given the ability to do as they please. You could have beach towels for curtains, thong bikinis at the kiddie pool, chickens in the backyard, keg parties til midnight, and muscle cars up on blocks in the driveway. Thankfully, one call to your HOA will address any of these issues without you having to get up out of your beach chair, yay!!
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