Make Sure You Know ALL The HOA Fees Associated With Your Next Home

By
Real Estate Agent with RE/MAX Elite 513.520.5305 www.LizTour.com SAL.2002007747

Make Sure You Know ALL The HOA Fees Associated With Your Next Home

For most subdivisions with HOAs there is probably just ONE fee per year.  That fee covers community amenities likes pools and walking trails, and for landscaping around the community entrance.  That fee may be negligible, or it may be fairly significant.  

Cincinnati area patio homes

 

However, when you enter the realm of patio homes and condos, you need to be aware that you may be subject to multiple fees.  Now depending on what you get for your dollar, it may not be a bad deal!

But fact is you need to be aware of all the fees prior to making your purchase.

For instance, the patio homes and condos in Liberty Township's Four Bridges are actually subject to THREE fees.

1)  Four Bridges mandatory Social Membership.  That's in excess of $800/year and it doesn't matter whether you plan to use the pool, tennis courts and restaurant or not, you have the address, you pay the fee.

2)  An overall Four Bridges HOA fee.  A few hundred dollars more for the overall upkeep and maintenance of the Four Bridges communities.

3)  Lastly, a monthly fee for your patio home/condo.  That'll vary, but it's close to $300 a month.  This fee is specific to the patio home/condos because it costs extra for grounds upkeep, exterior maintenance, etc.

So bottom line if you want to avoid surprises, it's critical to make sure you're aware of ALL the HOA fees associated with your new home.  Who wants the surprise a few months after move in of ANOTHER HOA fee?  No one!

Ready to talk about buying or selling a home?  Call Bill at 513-520-5305 or email The Liz Spear Team of RE/MAX Elite at Liz@LizSpear.com.  We look forward to hearing from you!

Serving Warren County area home buyers and sellers,

Liz and Bill aka BLiz

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Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

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Rainmaker
3,338,379
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Excellent advice, Liz and Bill -- the fees can vary greatly and what is quoted in the MLS remarks may not be fact.   Verify.  Verify.  Verify.   

Apr 27, 2015 05:59 AM #1
Ambassador
2,694,755
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Michael, For some of the homes we show, the HOA fees are so extensive that the buyers say adios to the possibility of making that their home.  What do you REALLY get for that extra grand or two a year?  Too often, not much that actually adds value to the home owner.  A pool that the grandkids hit once or twice while visiting?

Apr 27, 2015 06:01 AM #2
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Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

We sell a few condos a year. We always request condo docs so buyers clearly understand what their HOA fee covers and the solvency of the association. In one particular sale last year, the seller's agent had no idea what we were asking for. He said we were the first agent to ever ask for such documents. Really? It made us a little nervous but after some due diligence on our part, we were able to obtain the docs. Every buyer should know what their fees cover and how often they are due.

Apr 27, 2015 06:18 AM #3
Rainmaker
3,338,379
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Liz and Bill -- in our purchase agreements there is a section that addresses HOA issues.   Financials, meeting agenda and minutes, rules/regulations, amount of dues, pending litigation and more.   The seller requests and pays for the information to be delivered via the management company(or through the board).   The buyer reviews and accepts or rejects the information as part of their due diligence.   

I can imagine that Tammie White and her clients would be more than a bit apprehensive with the property she mentioned.  Yikes!

Apr 27, 2015 06:28 AM #4
Ambassador
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Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Tammie, We see similar here.  Challenging sometimes just to get a copy of the HOA rules/regs, much less meeting minutes, financials, etc.

Michael, It gets squirrelly here if it's a bank owned property.  Apparently they can't be obligated to provide much of anything useful, so it's dig for contacts and see what we can do from our side.

Apr 27, 2015 06:30 AM #5
Rainmaker
2,304,496
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

BLiz: It pays to understand the HOA fees before jumping into a patio home or condo purchase for all the reasons you state. No one wants to buy a property and get hit with unforeseen costs.

Apr 27, 2015 06:31 AM #6
Rainmaker
1,229,952
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

And once again you prove why it's so important to work with agents and professionals that have experience and knowledge regarding the properties they transact, Liz and Bill Spear.  Especially important when speaking of more challenging properties, condos, and patio homes, etc.  

Gene

Apr 27, 2015 06:51 AM #7
Rainer
355,882
Tom White
Franklin Homes Realty LLC (615) 495-0752 or www.FranklinHomesRealty.com - Franklin, TN
Franklin Homes Realty LLC, Franklin TN

BLiz, we've worked with clients who started their home search with a single family detached home as their target. As we've moved along, they started considering condos as a way to get into a home at a lower price. While the asking prices were lower, they were totally unprepared for the very high HOA fees. Better be aware!

Apr 27, 2015 07:44 AM #8
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I have literally had HOA fees make a buyer become NOT qualified for that home anymore when all the fees were added into the monthly debt.

Apr 27, 2015 11:29 AM #9
Rainmaker
4,797,361
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Yes, important to know all the fees, prior to buying in an HOA community.  This must be disclosed in Florida.

Apr 27, 2015 08:01 PM #10
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2,694,755
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Anita, And these fees typically aren't just a few dollars, but often significant.

Gene, There are a lot more intricacies with the specialty homes vs. "normal" others.

Tom, Those fees can put the overall monthly payment right back into the range of a more expensive regular home.

Tammy, An extra $300 or more a month can really add up.

Gabe, Supposed to be disclosed here also, but I think sometimes even the sellers don't know what they're paying.

Apr 28, 2015 06:20 AM #11
Rainmaker
3,098,519
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Besides the ongoing fees, it's important to get a history of any past special assessments, rate of fee increases, transfer fees when buying or selling, etc.

Apr 28, 2015 09:22 PM #12
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Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Nina, And fee trends have been another thing some buyers have asked for us to check.

Apr 29, 2015 03:13 AM #13
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