Houses vs Condos
While entrance ways and common area maintenance would typically also be included these are real costs that hopefully include both ongoing maintenance and a capital reserve funding that will cover landscape replacement and structure replacement for things like clubhouses, tennis courts, private streets or parking lots, tennis courts etc. These items actually add to the value of the property and literally you as an owner within the development will own your percentage of these common areas and amenities and will pay a portion of the care for these items.
The other portion of the HOA fees is related to your specific home, regardless if it’s a condo or a house. This could include things like exterior painting, landscape maintenance, snow removal, repairs etc. These costs are also real costs and while you as an owner might be able to do some of these items yourself vs. pay to have them completed this is the only real difference. In fact, the combined buying power associated with an HOA contracting for house painting for an entire neighborhood could result in a lower cost than what you as an individual owner would have to pay.
For many paying an amount each month, into the reserve fund that covers your individual home or condo, is what causes the most frustration. However, you should view the HOA reserve fund as a forced savings account. This ensures that when the time comes to paint the home or replace the roof that the dollars will exist to fund the project. Just like you would own a portion of the common areas you also will own your percentage of the reserve fund. When it comes time to sell the property having your portion of the reserve dollars is just as valuable as a great floor plan, finishes or a stellar location.
Owner owns the land the house is built on – Yes Owner is Typically Responsible for Maintenance & Repair of the following Items: 100% of the lot and House including all interior components like decorating, upgrades, repairs and maintenance of the floor coverings, drywall/ceiling repair, painting, cabinetry and tile work in kitchen and baths, bathroom fixtures, kitchen appliances, all mechanical systems including the air conditioning, furnace, water heater, water softener, sump pump, insulation, light fixtures and electrical wiring and plumbing, telephone wiring, fireplace and all doors, windows, stairway railings etc. All exterior maintenance and repair including painting, siding and brick, gutters and the chimney roof repairs/replacement, garage doors etc. All structural and foundation repairs or maintenance All Landscape and hardscaping items like lawns, sprinkler systems, trees, shrubs, flowers, retaining walls, decks, patios, fences, water features, driveways, sidewalks, drainage issues, snow removal etc. Typical Association Fees Related to this Property Association fees with this type of property are typically related to neighborhood or development amenities and do not have to do with the individual home itself. Fees could range from fifty dollars each year to deal with neighborhood entryways at the low end up to several hundred dollars each month based on features like neighborhood pools, clubhouses, tennis courts, lakes, golf courses as well as street or sidewalk repair and snow removal if privately owned Pros of This Type of Property Increased privacy and typically less contact with neighbors unless involved in neighborhood functions of your choosing. Greater ability to make aesthetic and other decisions that affect the exterior of your property although many neighborhoods have covenants that owners must follow along with city zoning requirements. Owners are not required to maintain a rainy-day reserve fund to cover the future ongoing repairs and maintenance like painting or replacement of the roof when needed. Owners decide if they want to deal with routine repairs and maintenance like mowing the lawn themselves or hiring a contractor. Cons of This Type of Property Typically less contact with neighbors unless involved in neighborhood functions. No mandated reserve fund to pull from when surprise repairs and expenses occur nor to cover planned repairs and maintenance. Expenses like roof repair, painting etc. are greater due to the loss of volume buying power. You must find, negotiate and supervise all contractors dealing with the interior and exterior of the house itself. Real estate taxes and insurance costs are generally higher than for a comparable condominium property. Neighbors tend to pay less attention to activity occurring with neighbors homes like crime, vandalism etc.
With this style property, there is usually a legal easement that allows the owner of the property to access the home by crossing over common areas in the form of driveways and sidewalks Owner owns the land the house is built on – Yes Owner is Typically Responsible for Maintenance & Repair of the following Items: 100% of the lot and House including all interior components like decorating, upgrades, repairs and maintenance of the floor coverings, drywall/ceiling repair, painting, cabinetry and tile work in kitchen and baths, bathroom fixtures, kitchen appliances, all mechanical systems including the air conditioning, furnace, water heater, water softener, sump pump, insulation, light fixtures and electrical wiring and plumbing, telephone wiring, fireplace and all doors, windows, stairway railings etc. All exterior maintenance and repair including painting, siding, and brick, gutters, the chimney roof repairs/replacement, garage doors etc. All structural and foundation repairs or maintenance, driveways, sidewalks & drainage issues Typical Association Fees Related to this Property Association fees with this type of property cover most if not all Landscape and hardscaping items like lawns, sprinkler systems, trees, shrubs, retaining walls, decks, patios, fences, water features, snow removal etc. along with the costs associated with neighborhood or development amenities. None of the fees typically covers structural items with the individual home itself. Fees could range from fifty dollars each month to deal with neighborhood entryways at the low end up to several hundred dollars each month based on features like neighborhood pools, clubhouses, tennis courts, lakes, golf courses as well as street or sidewalk repair and snow removal if privately owned Pros of This Type of Property Increased privacy and typically less contact with neighbors unless involved in neighborhood functions of your choosing. Greater ability to make aesthetic and other decisions that affect the exterior of your property although many neighborhoods have covenants that owners must follow along with city zoning requirements. Owners are not required to maintain a rainy-day reserve fund to cover the future house specific ongoing repairs and maintenance like painting or replacement of the roof when needed. Owner does not have to deal with routine landscape maintenance like mowing the lawn or shoveling/plowing snow themselves unless they choose to be involved with the Association that hires a contractor. Real estate taxes are generally lower than for a comparable single family house Cons of This Type of Property Typically less contact with neighbors unless involved in neighborhood functions. No mandated reserve fund to pull from when surprise repairs and expenses occur nor does a fund exist to cover planned repairs and maintenance. Expenses like roof repair, painting etc. are greater due to the loss of volume buying power. You must find, negotiate and supervise all contractors dealing with the exterior and interior of the house itself. Neighbors tend to pay less attention to activity occurring with neighbor’s homes like crime, vandalism etc.
Owner owns the land the house is built on – Yes Owner is Typically Responsible for Maintenance & Repair of the following Items: 100% of the lot and House except for the Party Walls (common walls) including all interior components like decorating, upgrades, repairs and maintenance of the floor coverings, drywall/ceiling repair, painting, cabinetry and tile work in kitchen and baths, bathroom fixtures, kitchen appliances, all mechanical systems including the air conditioning, furnace, water heater, water softener, sump pump, insulation, light fixtures and electrical wiring and plumbing, telephone wiring, fireplace and all doors, windows, stairway railings etc. All exterior maintenance and repair including painting, siding and brick, gutters, the chimney, roof repairs/replacement, garage doors etc. along with landscape and hardscaping items like lawns, sprinkler systems, trees, shrubs, retaining walls, decks, patios, fences, water features, snow removal etc. for your 1/2, 1/3rd or 1/4th of the total structure. All structural and foundation repairs or maintenance, driveways, sidewalks & drainage issues for your 1/2, 1/3rd or 1/4th of the total structure. Typical Association Fees Related to this Property Association fees with this type of property cover only any common walls or driveways. Fees could range from nothing up to one hundred dollars each month. Pros of This Type of Property Increased contact with neighbors. Depending on if covenants and restrictions exist there could be a greater ability to make aesthetic and other decisions that affect the exterior of your portion of the property although many structures are opting to have covenants that owners must follow along with city zoning requirements. Not typically required to maintain a rainy-day reserve fund to cover the future house specific ongoing repairs and maintenance like painting or replacement of the roof when needed. Real estate taxes are generally lower than for a comparable single family house Neighbors tend to pay more attention to activity occurring with neighbors homes like crime, vandalism etc. Cons of This Type of Property Typically more contact with neighbors. No mandated reserve fund to pull from when surprise repairs and expenses occur nor to cover planned repairs and maintenance. Expenses like roof repair, painting etc. could be greater due to the loss of volume buying power unless all owners decide to deal with these items at the same time. You must find, negotiate and supervise all contractors dealing with the exterior and interior of the house itself. The owner does have to deal with routine landscape maintenance like mowing the lawn or shoveling/plowing snow themselves unless they choose to find, negotiate with and hire a contractor. Owner owns the land the house is built on – Yes Owner is Typically Responsible for Maintenance & Repair of the following Items: 100% of the lot and House except for the Party Walls (common walls) including all interior components like decorating, upgrades, repairs and maintenance of the floor coverings, drywall/ceiling repair, painting, cabinetry and tile work in kitchen and baths, bathroom fixtures, kitchen appliances, all mechanical systems including the air conditioning, furnace, water heater, water softener, sump pump, insulation, light fixtures and electrical wiring and plumbing, telephone wiring, fireplace and all doors, windows, stairway railings etc. All exterior landscape maintenance is almost always included as part of the HOA fees and oftentimes repair/maintenance items including painting, siding and brick, gutters and the, chimney roof repairs/replacement, garage doors etc. are also covered as part of the fees although not always. All structural and foundation repairs or maintenance, driveways, sidewalks & drainage issues are typically the owner’s responsibility. Typical Association Fees Related to this Property Association fees with this type of property cover most if not all Landscape and hardscaping items like lawns, sprinkler systems, trees, shrubs, retaining walls, fences, water features, snow removal etc. along with costs associated with neighborhood or development amenities. None of the fees typically covers unit specific patios or outside spaces, structural items with the individual home itself. Fees could range from fifty dollars each month to deal with neighborhood entryways at the low end up to several hundred dollars each month based on features like neighborhood pools, clubhouses, tennis courts, lakes, golf courses as well as street or sidewalk repair and snow removal if privately owned Pros of This Type of Property Increased contact with neighbors. May or may not be required to maintain a rainy-day reserve fund to cover the future house specific ongoing repairs and maintenance like painting or replacement of the roof when needed. Excluding Unit specific outside spaces the Owner typically does not have to deal with routine landscape maintenance like mowing the lawn or shoveling/plowing snow themselves unless they choose to be involved with the Association that hires a contractor. Real estate taxes are generally lower than for a comparable single family house Neighbors excluding the adjoining neighbors tend to pay less attention to activity occurring with their neighbor’s homes regarding crime, vandalism etc. Cons of This Type of Property Typically more contact with neighbors. May or may not have a reserve fund to pull from when surprise repairs and expenses occur nor to cover planned repairs and maintenance. Expenses like roof repair, painting etc. are greater due to the loss of volume buying power. You must find, negotiate and supervise all contractors dealing with the interior of the house itself.
Owner owns the land the house is built on – Yes Owner is Typically Responsible for Maintenance & Repair of the following Items: 100% of the lot and House except for the Party Walls (common walls) including all interior components like decorating, upgrades, repairs and maintenance of the floor coverings, drywall/ceiling repair, painting, cabinetry and tile work in kitchen and baths, bathroom fixtures, kitchen appliances, all mechanical systems including the air conditioning, furnace, water heater, water softener, sump pump, insulation, light fixtures and electrical wiring and plumbing, telephone wiring, fireplace and all doors, windows, stairway railings etc. All exterior landscape maintenance is almost always included as part of the HOA fees and oftentimes repair/maintenance items including painting, siding and brick, gutters and the chimney roof repairs/replacement, garage doors etc. are also covered as part of the fees although not always. All structural and foundation repairs or maintenance, driveways, sidewalks & drainage issues are typically the owner’s responsibility. Typical Association Fees Related to this Property Association fees with this type of property cover most if not all Landscape and hardscaping items like lawns, sprinkler systems, trees, shrubs, retaining walls, fences, water features, snow removal etc. along with costs associated with neighborhood or development amenities. None of the fees typically covers unit specific patios or outside spaces, structural items with the individual home itself. Fees could range from fifty dollars each month to deal with neighborhood entryways at the low end up to several hundred dollars each month based on features like neighborhood pools, clubhouses, tennis courts, lakes, golf courses as well as street or sidewalk repair and snow removal if privately owned Pros of This Type of Property Increased contact with neighbors. May or may not be required to maintain a rainy-day reserve fund to cover the future house specific ongoing repairs and maintenance like painting or replacement of the roof when needed. Excluding Unit specific outside spaces the Owner typically does not have to deal with routine landscape maintenance like mowing the lawn or shoveling/plowing snow themselves unless they choose to be involved with the Association that hires a contractor. Real estate taxes are generally lower than for a comparable single family house Neighbors, especially the adjoining neighbors, tend to pay more attention to activity occurring around them which can help reduce crime and vandalism etc. Cons of This Type of Property Typically more contact with neighbors. May or may not have a reserve fund to pull from when surprise repairs and expenses occur nor to cover planned repairs and maintenance. Expenses like roof repair, painting etc. could be greater due to a loss of volume buying power if not part of the HOA fees. You must find, negotiate and supervise all contractors dealing with the interior of the house itself and sometimes the exterior too.