{ "media_type": "text", "post_content": "Thoughts on HOA fees? I’m contemplating purchasing a condo in Washington DC and have my Redfin filter set for condos that charge below $400 p/m, but the offerings are limited. There are a few that I love in the $550s but that feels financially unwise - it seems like a waste of money and a barrier to eventually selling and/or profiting off of rental income..? For context, I’m 29, make 220k (300 if I can get the bonus) and am budgeting up to ~450k for the purchase. Thank you!", "post_id": "60a29332cf4095002067c02f", "reply_count": 15, "vote_count": 1, "bowl_id": "5b3f7377ab53db00136f7b4c", "bowl_name": "FIRE Financial Independence Retire Early" }

Thoughts on HOA fees? I’m contemplating purchasing a condo in Washington DC and have my Redfin filter set for condos that charge below $400 p/m, but the offerings are limited. There are a few that I love in the $550s but that feels financially unwise - it seems like a waste of money and a barrier to eventually selling and/or profiting off of rental income..? For context, I’m 29, make 220k (300 if I can get the bonus) and am budgeting up to ~450k for the purchase. Thank you!

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Come to Trinidad—lots of affordable condos with low fees up here, and great investment opportunity.

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How do you commute to work/downtown? I want to consider Trinidad but only buses seem to operate there?

What does the HOA get you? If it includes a gym, internet, etc ant cost otherwise out of pocket I can justify it

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Marginal increase- I haven’t thought about it like that but that’s really helpful. Thank you!! (And to answer your question, the others don’t normally include utilities)

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Having been the treasurer of a condo association for several years I can tell you a couple of things: 1 -If it is a a smaller building and there's an elevator that will be the source of a good chunk of your HOA fees. 2 - Low HOA fees are not necessarily good sign. They could be seriously underfunding the reserves, and you may be stuck with a special assessment if anything needs repair.

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Buy a house in a gentrifying neighborhood instead like east capital hill, anacostia, deanwood, etc

That’s fair. If walking is nonnegotiable, there is nothing wrong with that. Just be aware that condo HOA fees steadily rise over the years. Maybe get a smaller, less expensive condo to account for the HOA fees.

What A1 said. I would have said burbs but we bought in Arlington among the cheaper older condos and fees are $550.

With that pay you can likely buy a house for up to 800K, I usually target 500 for HOA since dc is a little more expensive.

If his/her income is 220k — not counting a bonus that is not set in stone — buying a home close to a million dollars is a terrible decision

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Single family homes or townhomes with low HOAs do have better potential for appreciation. Condos with high HOAs remain the value but don’t appreciate as much. In certain metro areas, you can’t avoid HOA. If being able to walk to work is critical to you, then your choices are limited. You are also saving money on commute by being in. Condo close to work, so it comes down to preference.

I purchased a condo in Arlington (2 blocks from Courthouse metro) because the HOA fees were so much cheaper than in downtown Dc (where I work) but I can get into downtown Dc really quickly because of the metro - although I am working from home right now because of ‘Rona. I love living in arlington because 1) more parking 2) full voting rights unlike DC, 3) if I ever wind up working in Tyson’s I will be closer than if I lived in Dc. I will admit there are times I wish I had gotten a house rather than a condo but I didn’t want to deal with landscape upkeep (it is just me and my dawg and she’s kind of a couch potato)

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