Regarding Home Owner Fees

I know that home owner fees become part of the monthly payment issue. They are often an important factor on what people qualify for. However, doing a quick yes or no determination based on the amount of home owner dues can be a mistake.

What are the dues covering is an issue.

What is the financial condition of the association is important. Is it a well managed property? This question will often reflect the amount of the dues. Is it a well managed association? What kind of reserves do they have. In these questions lie important factors for the home owner to be. One property I know of was neglected. It had a multi story underground parking garage. The association failed to maintain the floor of  the upper levels and they deteriorated to the point the floor gave away. A perhaps several hundred thousand investment, in this case a non investment, became a much more expensive and troubling problem.

How clean is it kept? How often or do they ever spray for insects?  What are the amenities. Is there a swimming pool. How big is it? Is there or are there places to meet and have events? Is there a workout room? Are there elevators? Do the dues pay for utilities, or perhaps cable TV? 

How solvent is the association? How much cash reserves are there? Are there serious deferred maintenance issues? 

Too often we make snap decisions without checking out the details. Sometimes a lower HOA fee is a special assessment in the waiting.