Rising HOA Fees
December 1, 2008
I was showing a few luxury condos here in Tucson the other day and got into an HOA fee discussion. After doing a little research, we discovered condo community where the fees have more than doubled over the past 3 years, from the low $100s to the high $300s. Which isn’t an insignificant increase over such a short duration on very new units.
There are many HOAs that are trying to raise fees right now. Those in foreclosure or otherwise tight budgets often let the HOA dues slide first. When you buy a home with a homeowner’s association, you’re usually supposed to receive copies of the most recent financial report and reserve studies and copies of the operating budget. Typically, you’ll get these on a disk in the mail, and you really need to check those things out. I don’t get copies, only you. So make sure you’re looking into the financial stability and dues history of homes in an HOA.
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I’m walking with dinosaurs, here. I’m trying to get HOA and title companies to put their data on disc instead of me mailing condo docs as thick as the Miami phone book. They think I’m from Mars or something.
Chris - most of our HOAs send their info out on disks, but there’s a few yet that like to kill a ream of paper or two…