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HOA dues vary widely based on amenities, building age, insurance, and what the association covers. Many HOAs include some combination of the items shown here.
Before you buy, review the budget, reserve study (if available), and rules. Understanding what's included helps you compare true monthly costs across different communities.
HOA fees commonly cover exterior maintenance, landscaping, common area upkeep, building insurance (master policy), and reserves for future repairs. The specific inclusions vary by community—always review the HOA budget before purchasing.
Yes, many condo HOAs have rental restrictions. These can include caps on the percentage of units that can be rented, minimum lease terms, or outright bans on short-term rentals like Airbnb. Review the HOA rules carefully if you plan to rent your unit.
A special assessment is a one-time fee charged to owners for major repairs or improvements that exceed the HOA's reserve funds. Common triggers include roof replacement, major structural repairs, or significant building upgrades. Ask about the reserve fund health and any recent or planned assessments.
Yes. The HOA's master policy typically covers the building exterior and common areas, while you need an HO-6 policy (condo insurance) to cover your unit's interior, personal belongings, liability, and any improvements you've made. Your lender will require this coverage.
Key documents include: the HOA budget and financial statements, reserve study, meeting minutes from the past year, rules and regulations (CC&Rs), and any pending litigation. These reveal the community's financial health and how it's managed.
Condos can be excellent for downsizing—they reduce maintenance responsibilities, often offer single-level living options, and provide community amenities without the upkeep. The key is finding a community with the right balance of fees, rules, and lifestyle fit for your needs.