5 things making HOA life unaffordable

Independent American Communities

By Deborah Goonan, Independent American Communities

image

You’ve probably heard the marketing hype about private communities: that they offer a carefree, maintenance-free lifestyle, amenities, and affordability.

But almost daily I learn of yet another homeowners or condo association property owner that is struggling to pay for the cost of living in Association Governed housing.

Here are 5 real-life examples of just how unaffordable it is to live the American Dream in a common interest development.

Rising maintenance fees

All across the U.S., condominiums and planned communities are aging. That means old plumbing, roofs, elevators, community pools, and private roads are in need of major renovation or replacement. But many associations have failed to set aside savings for these expenses in their reserve accounts. That results in hefty special assessments – often thousands or tens of thousands of dollars – or huge monthly assessment increases. The added costs are pushing some homeowners…

View original post 1,088 more words


One thought on “5 things making HOA life unaffordable

  1. Let’s not forget the high cost of management run HOA’s and the fees they bring into the picture, plus maintaining the developers properties which also add a huge burden on homeowners as well.

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s