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In some geographies, in some price ranges with certain amenities getting a condo may not only be the right choice, it may be the only one. In similar price ranges and geographies especially with kids, a house may be essential but to an ever-growing range of demographics, that isn’t a requirement.
Owning a home has costs that may equate to the same or more as the condo dues you are wondering about. Insurance, water, sewer, garbage, maintenance, upgrades, roofs, cleaning, lawn care, etc, etc., all adds up easily to several hundred dollars per month. These costs are not a part of the mortgage and are not tax deductable. Buying a condo in a development that has already conducted all the upgrades and doesn’t have upcoming assessments for the next several years may actually be a very suitable alternative and allow the buyer to live and work in the area they want. HOA dues may initially appear to reduce what the buyer can qualify for but the yearly cash outlay may be quite similar to a home.
In some cases recently constructed condo buildings have what seem to be quite high dues per square foot and the buyer may be helping pay for what is an expensive design and expensive to manage property.
Other condo buildings that have been well maintained and/or upgraded with many amenities like trails, pools, grounds, walk ability, large square footage and low maintenance may initially deter the buyer offer but upon deeper research the buyer often finds the true cost is worth it considering what the condo is, where it is located and what the future holds for the neighborhood.
Lake Bellevue Village is a prime example.
The dues seem to be perhaps $150/month higher than other condos, however LBV has a long list of supportive elements that make the cost a wash with many alternatives.
