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.

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

$410,000

365 Irving Street Denver, Colorado

3 Beds 2 Baths 1,664 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of 8z Real Estate

$445,000

1487 W Cedar Avenue Denver, Colorado

3 Beds 2 Baths 1,031 Sq Ft 0.110 Acres

Sale Type: Active Listing courtesy of inMotion Group Properties

$459,000

897 Yates Street Denver, Colorado

5 Beds 2 Baths 2,088 Sq Ft 0.160 Acres

Sale Type: Active Listing courtesy of Brokers Guild Homes

$463,999

131 Wolff Street Denver, Colorado

3 Beds 2 Baths 1,144 Sq Ft 0.130 Acres

Sale Type: Active Listing courtesy of Compass - Denver

$465,000

835 Knox Court Denver, Colorado

3 Beds 2 Baths 1,125 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of KELLER WILLIAMS AVENUES REALTY

$465,500

1236 S Osceola Street Denver, Colorado

3 Beds 2 Baths 1,506 Sq Ft 0.170 Acres

Sale Type: Active Listing courtesy of COLORADO REALTY & PM INC

$469,900

4825 W Custer Place Denver, Colorado

4 Beds 2 Baths 1,664 Sq Ft 0.170 Acres

Sale Type: Active Listing courtesy of Engel & Volkers Denver

$479,900

5 S Jay Street Lakewood, Colorado

3 Beds 2 Baths 1,972 Sq Ft 0.240 Acres

Sale Type: Active Listing courtesy of BA Group Advisors

$480,000

2080 S Sheridan Boulevard Denver, Colorado

4 Beds 2 Baths 1,728 Sq Ft 0.170 Acres

Sale Type: Active Listing courtesy of Keller Williams Realty LLC

$489,900

4504 W Gill Place Denver, Colorado

3 Beds 2 Baths 1,448 Sq Ft 0.110 Acres

Sale Type: Active Listing courtesy of Brokers Guild Real Estate

$495,000

643 Tennyson Street Denver, Colorado

3 Beds 2 Baths 1,271 Sq Ft 0.150 Acres

Sale Type: Active Listing courtesy of Fathom Realty Colorado LLC

$495,000

311 S Leyden Street Denver, Colorado

3 Beds 2 Baths 1,628 Sq Ft 0.160 Acres

Sale Type: Active Listing courtesy of Guardian Real Estate Group

$499,000

7248 W Cedar Circle Lakewood, Colorado

3 Beds 4 Baths 2,698 Sq Ft 0.090 Acres

Sale Type: Active Listing courtesy of Brokers Guild Real Estate

$499,999

1516 W Dakota Avenue Denver, Colorado

4 Beds 2 Baths 1,701 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of HomeSmart

$500,000

1590 S Perry Street Denver, Colorado

5 Beds 4 Baths 2,416 Sq Ft 0.170 Acres

Sale Type: Active Listing courtesy of Keller Williams DTC

$510,000

2303 S Raleigh Street Denver, Colorado

5 Beds 3 Baths 2,150 Sq Ft 0.180 Acres

Sale Type: Active Listing courtesy of Re/Max Full House Inc.

$514,900

8001 W 20th Avenue Lakewood, Colorado

3 Beds 2 Baths 1,490 Sq Ft 0.370 Acres

Sale Type: Active Listing courtesy of RE/MAX ALLIANCE

$515,000

5315 W 5th Avenue Lakewood, Colorado

4 Beds 2 Baths 1,732 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of Real Broker LLC

$519,000

842 S Quitman Street Denver, Colorado

3 Beds 2 Baths 1,024 Sq Ft 0.120 Acres

Sale Type: Active Listing courtesy of Vente Realty

$520,000

1948 S Winona Court Denver, Colorado

3 Beds 2 Baths 1,351 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of Colorado Realty Resource

$525,000

1345 S Lamar Street Lakewood, Colorado

4 Beds 3 Baths 2,476 Sq Ft 0.190 Acres

Sale Type: Active Listing courtesy of ROCKY MOUNTAIN REAL ESTATE INC

$525,000

400 Sheridan Boulevard Lakewood, Colorado

3 Beds 2 Baths 1,219 Sq Ft 0.190 Acres

Sale Type: Active Listing courtesy of Professional Brokers Group

$525,000

2024 S Xavier Street Denver, Colorado

4 Beds 2 Baths 2,505 Sq Ft 0.160 Acres

Sale Type: Active Listing courtesy of eXp Realty, LLC

$525,000

1591 S Chase Street Lakewood, Colorado

4 Beds 2 Baths 1,988 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of LIV Sotheby's International Realty

$535,000

4870 Tejon Street Denver, Colorado

4 Beds 3 Baths 1,823 Sq Ft 0.130 Acres

Sale Type: Active Listing courtesy of Paisano Realty, Inc.

$546,331

218 Irving Street Denver, Colorado

5 Beds 3 Baths 1,866 Sq Ft 0.220 Acres

Sale Type: Active Listing courtesy of Malman Commercial Real Estate LLC

$549,000

1581 S Ames Street Lakewood, Colorado

5 Beds 3 Baths 2,158 Sq Ft 0.160 Acres

Sale Type: Active Listing courtesy of A+ LIFE'S AGENCY

$549,900

4854 N Lincoln Street Denver, Colorado

3 Beds 2 Baths 1,674 Sq Ft 0.220 Acres

Sale Type: Active Listing courtesy of MITCHELL REALTY SERVICES

$549,900

3050 CHERRY Denver, Colorado

4 Beds 2 Baths 2,252 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of eXp Realty, LLC

$550,000

3838 W 1st Avenue Denver, Colorado

4 Beds 2 Baths 1,248 Sq Ft 0.180 Acres

Sale Type: Active Listing courtesy of M I SOLUTIONS

$550,000

1155 S Eaton Court Lakewood, Colorado

5 Beds 2 Baths 2,332 Sq Ft 0.160 Acres

Sale Type: Active Listing courtesy of RE/MAX Professionals

$550,000

27 Alcott Street Denver, Colorado

3 Beds 2 Baths 1,462 Sq Ft 0.160 Acres

Sale Type: Active Listing courtesy of Wedgewood Homes Realty

$559,000

1317 W Gill Place Denver, Colorado

4 Beds 2 Baths 1,214 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of Megastar Realty

$560,000

1401 S Osage Street Denver, Colorado

3 Beds 2 Baths 2,124 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of Your Castle Realty LLC

$569,000

2769 S Julian Street Denver, Colorado

3 Beds 2 Baths 1,008 Sq Ft 0.150 Acres

Sale Type: Active Listing courtesy of JPAR Modern Real Estate

$569,900

3745 N Fillmore Street Denver, Colorado

2 Beds 2 Baths 1,238 Sq Ft 0.070 Acres

Sale Type: Active Listing courtesy of Market Place Realty

$570,000

271 S Grant Street Denver, Colorado

3 Beds 3 Baths 2,794 Sq Ft 0.100 Acres

Sale Type: Active Listing courtesy of KENTWOOD REAL ESTATE DTC, LLC

$574,900

1990 S Stuart Street Denver, Colorado

5 Beds 3 Baths 2,154 Sq Ft 0.170 Acres

Sale Type: Active Listing courtesy of RE/MAX NORTHWEST INC

$575,000

617 W 5th Avenue Denver, Colorado

3 Beds 2 Baths 1,220 Sq Ft 0.030 Acres

Sale Type: Active Listing courtesy of HomeSmart

$599,000

2043 W 52nd Place Denver, Colorado

4 Beds 2 Baths 1,850 Sq Ft 0.230 Acres

Sale Type: Active Listing courtesy of Compass - Denver

$600,000

4418 Utica Street Denver, Colorado

2 Beds 2 Baths 1,312 Sq Ft 0.070 Acres

Sale Type: Active Listing courtesy of RE/MAX of Cherry Creek

$615,000

4319 E Bails Place Denver, Colorado

3 Beds 2 Baths 1,972 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of RE/MAX Synergy

$624,950

1857 S Winona Court Denver, Colorado

6 Beds 2 Baths 2,032 Sq Ft 0.150 Acres

Sale Type: Active Listing courtesy of RE/MAX Masters Millennium

$630,000

3665 Elm Street Denver, Colorado

6 Beds 3 Baths 2,184 Sq Ft 0.150 Acres

Sale Type: Active Listing courtesy of Keller Williams Realty LLC

$640,000

3458 W Ohio Avenue Denver, Colorado

5 Beds 3 Baths 2,656 Sq Ft 0.190 Acres

Sale Type: Active Listing courtesy of Hien Gia Nguyen

$645,000

2668 S Quitman Street Denver, Colorado

3 Beds 3 Baths 1,700 Sq Ft 0.160 Acres

Sale Type: Active Listing courtesy of 3GEN Real Estate

$649,000

5473 Shoshone Street Denver, Colorado

5 Beds 3 Baths 2,208 Sq Ft 0.180 Acres

Sale Type: Active Listing courtesy of Vente Realty

$650,000

3712 Monroe Street Denver, Colorado

3 Beds 3 Baths 1,477 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of HomeSmart

$650,000

2635 S Patton Court Denver, Colorado

3 Beds 2 Baths 1,988 Sq Ft 0.150 Acres

Sale Type: Active Listing courtesy of My Denver Real Estate

$650,000

622 Elati Street Denver, Colorado

2 Beds 2 Baths 1,634 Sq Ft 0.070 Acres

Sale Type: Active Listing courtesy of HomeSmart

City

Min Price

Max Price

Beds

Baths

Advanced Search Map Search

The Real Cost of a HOA

The Sales Price Can Be Deceiving

Example

Leave a Reply Cancel reply

Buying or Selling in Denver?

Our Mission

We pair people with the right place for a prosperous life.

Contact Us