The Real Cost of a HOA

The Sales Price Can Be Deceiving

Most buyers looking for an affordable home in Denver will naturally gravitate towards condos that seem more affordable when you just look at the purchase price. The monthly expense of an HOA can really add up, so make sure you consider the alternative of a single family home or townhouse that does not have an HOA. Also, ask yourself if the cost of the monthly HOA aligns with the services provided. Would you pay someone $250/m to shovel your snow? I recommend setting up two separate searches. Most HOAs in Denver are a minimum of $250/M which equals $50K in purchasing power. Set your max price for the condo search at least $50K lower than the price for a home that does not have an HOA.

Example

You are searching for a 3 bed/3 bath in Congress Park and your budget is $650K. You would like to keep your mortgage under $3,500 per month. Although the condo is listed for $99K less than the townhouse the difference in your monthly mortgage payment is negligible at only $155. They are within two blocks and both are 1700 sq ft. So which do you prefer if the price is basically the same?

Condo: $520K with HOA $502/M = Mortgage Payment w/ 20% down = $3151
Parking: 1 reserve spot
Outdoor space: Private deck and shared rooftop deck
HOA covers: Common Area Grounds Maintenance, Covered Parking, Exterior Maintenance w/ Roof, Insurance, Sewer, Snow Removal, Trash Removal, Water

Townhouse: $619K with NO HOA = Mortgage Payment w/ 20% down = $3266
Parking: 2 car detached garage
Outdoors space: Front porch, two decks, small fenced backyard
Party wall agreement with neighboring unit, insurance will be a little more expensive, and you will be responsible for mowing and shoveling snow.

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The Real Cost of a HOA

The Sales Price Can Be Deceiving

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