I’m currently working with a couple who are trying to decide it if makes more economic sense to purchase a 55+ condo or a 55+ home.
The condo development they are considering is Villa Portofino in Palm Desert. The monthly homeowner association fees (HOAs) are on the high side, at approximately $700 a month.
At first glance, a $700 HOA might be a deal breaker, for many home buyers. But, when you consider the cost of maintaining a single family home, the higher HOA may not be that high, after all.
For example, you can currently purchase a 1,500 square foot condo at Villa Portofino for under $250,000. A comparable 1,500 square foot single family home might cost you $350,000. This means you will also pay more in property taxes for the home, as well.
In addition, all of the active adult, single family home communities also have monthly HOA fees, averaging $250 a month. Then there are monthly maintenance fees. With a home, you will most likely have to hire a gardener and will also be responsible for maintaining the exterior or your home, the roof, etc. In a condo, your HOA fees go toward paying for the gardener and maintaining the exterior of the structure.
All things considered, after you calculate the costs, it will probably cost you the same, either way. But with a condo, you don’t have the extra hassle. It’s all done for you by the HOA. So, before you rule out 55+ condos with higher HOAs, like Villa Portofino, or stock co-ops like Desert Braemar in Rancho Mirage, consider all of the costs associated with owning and maintaining a single family home.
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