I swear, every time I see “low dues” in a listing, my spidey sense tingles. Last place I looked at, the dues were half what I pay now—until I realized they hadn’t touched the roof since 2003 and the reserve fund was basically pocket change. The agent tried to brush it off, but I’d rather pay a bit more upfront than get hit with a $10k special assessment down the road. Sometimes those fairy tale numbers are just that... stories.
Yeah, I’ve run into that too. Low dues always look good on paper, but I learned the hard way that it can mean deferred maintenance or a tiny reserve. Bought a condo years ago with “super low” HOA fees—fast forward two years, and we all got slammed with a massive assessment for plumbing repairs. Now I always ask for the reserve study and dig into the financials before getting excited about low numbers. Sometimes paying a bit more each month is just safer in the long run.
Now I always ask for the reserve study and dig into the financials before getting excited about low numbers.
That’s honestly the best move. People get so fixated on monthly payments—low dues, low interest rates, all that. But if you’re not looking at the full picture, those savings can disappear fast. Here’s how I usually break it down when someone’s weighing a new place with tempting numbers:
1. First, look at the HOA budget and reserves. If there’s no recent reserve study, that’s a red flag.
2. Check if dues have been raised regularly. If not, why? Sometimes boards avoid increases just to keep things looking “affordable.”
3. Combo the mortgage payment with realistic HOA fees and potential assessments. Don’t just bank on today’s numbers.
4. Ask what big repairs are coming up—roofs, elevators, siding. If there’s nothing in the reserve for those, you’ll probably get hit with a special assessment.
Low interest rates are great, but if the rest of the financials don’t add up, you could be in for a surprise. I’d rather pay a bit more each month and sleep easier knowing the place is well managed. Been burned before... learned my lesson the hard way.
Honestly, this is making me rethink how I’ve been looking at listings. I keep seeing “low HOA” and just assuming that’s a win. Didn’t even realize boards might keep dues down on purpose... kinda sneaky. Anyone actually seen a reserve study before? Is it just a spreadsheet or what?
Didn’t even realize boards might keep dues down on purpose... kinda sneaky.
Yeah, that’s the thing—“low HOA” isn’t always the bargain it looks like. I’ve seen a reserve study before, and it’s more than just a spreadsheet. Usually it’s a whole report with charts, estimates for repairs, timelines, all that. If the numbers look too rosy or there’s barely any cash set aside, you’re probably looking at big special assessments down the line. I’d rather pay a little more each month than get hit with a $10k roof bill out of nowhere.
