What kind of HOA fees do the "High-Rises" command?

[noah]

Yes, very true but thats why having good management and being involved in your HOA is important. It really shouldn't be a surprise that things reach their end of life and have to be replaced at some point.

Originally Posted by ATLTJL

It's true, but a lot of it depends on how responsible your HOA is. If they have not been fiscally responsible and something major goes.....SPECIAL ASSESSMENT!!!!! I know a few people who have been hit really hard by assessments.

In a house, you generally know about when your roof is going to go and other things so you can plan accordingly. In a building, you can just get a note one day that says the roof or parking deck has to be repaired, and here is your special assessment while you never knew there was a problem.

And even if you are in a condo, you are still responsible for your own HVAC.

I'm not saying a house is better than a condo, I'm just saying that having an association isn't a magic bullet against unforseen expenses unless you have a very well run association who understands how to build up appropriate reserves.

[FlyingFox]

A well-managed, owner-friendly HOA with good reserves is a MUST when buying a condo. If you just blindly buy a unit without consideration to the HOA, you're setting yourself up for a nasty shock.

Ex:

- High HOA fees with a budget that seems to grow exponentially (because your HOA is managed by incompetent morons that signed an exclusive contract for some essential service with a 5-year term with no termination provision and automatic annual rate increases of 10%)
- An HOA that is a major pain and will fine you $25 for each failure to comply with their mandatory paper-plastic-aluminum recycling program
- An HOA that has a major problem on its hands and will hit you with special assessments (expensive repairs, a pending lawsuit, etc.)
- An HOA that is falling apart, unable to set a budget, and unable to control or manage anything (now the foreclosed units beside you are occupied by drug dealers and the whole property is on the verge of being condemned)

I love my HOA. They are savvy with the budge and have good reserves, monthly dues are kept low ($147/month for a 1 bedroom), maintenance and grounds keeping are excellent, the property looks great, the pool has been updated, and people enjoy living here. That's how it's supposed to be - an HOA that provides value by making your life easier.