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Do HOA Fees for Condos have any real value?
There are so many foreclosures and cheaper housing options up for grabs in the market these days.
Atlanta Condominiums have a cheaper HOA compared to other states. Even then, paying a monthly fees is perceived as a waste of money due to the state of US Economy. The Atlanta Condo fee now also covers water or sewage costs in order to lure customers.
Some condo associations in Atlanta maintain an insurance policy that covers the exterior structure of the Condo complex. The Atlanta condo owner is responsible for insuring the interiors condo unit and their personal property.
Paying for insurance for interiors only saves the Atlanta condo owner up to 50% or more in comparison to the cost of an insurance policy for a detached house.
Homeowners Association fees usually includes ongoing maintenance, repair, and re-paving of sidewalks, driveways and curbs as well as the repair work and maintenance of roof and its replacement, if necessary. The association is also responsible for painting and repair of the exterior siding, getting the rainspouts removed and the cleaning of the gutters. The Atlanta Homeowner Association is responsible for landscaping, maintenance of the building, mowing the lawn, trimming and raking of leaves
For example, an Atlanta Condominium costs $200,000 and includes an HOA of $150 per month. If you owned a house, your average monthly cost for the water/sewage bill would be at least $30 per month and the cost of your home insurance would be much morealong with mortgage insurance in case you default on your payments. So, you end up paying for interiors, exteriors, fire hazard insurance in this case.
In comparison of a single detached house, a condo would net a monthly savings of $50 per month or more just including water/sewage and insurance bill alone. Now, factor into this equation the cost of maintaining the exterior of a house vs. a Condo. Painting the siding, replacing the siding or replacing the roof, which can easily cost thousands of dollars.
Landscaping your backyard in a single detached house means mowing the lawn, trimming the lawn along the driveway, sidewalk, around the fence and trees, weed prevention, fertilizing, the cost of landscaping equipment such as a lawnmower, weed trimmer, fuel, maintenance, and of course your time. If you were in condo, simply call the Association. They will take care of the park in front or back of your condo!
Living in a Atlanta condominium with low HOA offers a carefree, low maintenance lifestyle, which is a considerable value all in itself.
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