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$600 a month for HOA fees???????
Should see in chicago... some over 2k
Rising Star
Buy a house. It's what we did in south arlington. Just roll in the $600/month into your budget
Actually more than $600 because it's equity vs money you're flushing down toilet
$590 is super high.
I have properties in Washington state, Virginia, and Illinois. (I rent two out and live in the other.) My highest HOA for any of them is $360 - it was $250 when I bought, and I'm pretty annoyed it's gone up so much. The other two are both under $200.
Anyway, point being, there's no need to have such a high HOA. That's additional liability if you can't rent out your place. Sometimes that HOA pays for things like a pool or elevator or gym, but if there are rough economic times people are going to go for cheaper rent regardless of amenities, and you'll still have this high liability you'll have to pay for regardless of how much the rental market is willing to pay.
Realtor can help find rentals. In terms of managing rentals, I've only really heard about specialized property management companies.
Yeah 600 seems like a lot. We bought last October and most of the condos we looked at topped out at 500. Which was in fairlington so made some sense. But most were around 350
Fairlington does not warrant such high fees. Old, aging, and small places with shitty parking.
Not renting mine out but I am at just under $600. It includes a number of amenities and a 24/7 concierge. I have plans in the future to potentially rent it out and would still think it worth it if I net positive (rent > mortgage + HOA).
Will also say that we looked primarily in south Arlington and Alexandria. So can’t comment on DC or ballston/courthouse/Roslyn
Rising Star
We’re about $300/mo in fees (it would jump $75/mo if we rented due to a rental fee). Agree that $600 seems really high, but I’m also not in a building with amenities, or anything like that. HOA fees basically cover building insurance and communal space cleaning