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What are the average HOA fees in Houston?
The rates typically rise by a percentage each year. For instance, a home in a suburb of Houston pays $1,200 annually for the maintenance of landscaping, parks, several pools and a gym. A smaller condo building could be much cheaper and only charge $300 a year.
Are Townhouse HOA fees worth it?
HOA fees can also be worth it if they maintain your home’s value. University of California at Irvine researchers found that, on average, homes with HOAs sold for 4\% more than homes without HOAs.
Why are HOA fees so high in Houston?
Houston Condo HOA Fees By Building Age Older buildings, on average, have larger HOA fees. Part of this is due to the nature of a building’s board (it’s always easier to increase fees and services than it is to take away) and part of it is due to ever increasing costs.
Is it worth paying high HOA?
HOA fees may also be worth it if you get access to community activities and amenities. Some neighborhoods aim to be like resorts for their residents. If you take advantage of the perks of living in a neighborhood, you may find them worth paying high association dues.
Do HOA fees matter in Houston real estate?
Typically, buildings that have large HOA fees have not performed well over the past decade, as a percent of the populate will just choose to live in a Houston townhome or Gated community home instead. ( Read about which buildings have performed best.)
Can An Hoa charge you for a major repair?
However, a major repair can significantly increase that figure. HOAs keep reserve funds that will help to cover repair costs, but a major repair will likely result in assessment fees. If a shared use space, like a laundry room or community pool, needs an emergency repair, the HOA may charge members a fee on top of their regular bill.
Should you consider buying into an HOA?
If you are concerned with the resale value of your home, then HOAs should definitely be on your radar. Ultimately, it is up to you to determine whether or not buying into an HOA is right for you. When buying a home an experienced real estate agent is your best bet when it comes to cracking the code of HOAs.
Are high-rise buildings a good investment in Houston?
Also, several Houston high-rise buildings have been very poor investments (typically due to egregious monthly homeowner association (HOA) fees, building issues, or bad management). ( Read about which buildings have performed best.)