Posted by Rich-CA on November 20, 2008 at 10:39:38:
In Reply to: Condos in beach towns posted by Carl on November 20, 2008 at 05:33:20:
in part because of a large number of costs and factors you have no control over. HOA fees, special assessments (like if the roof is more expensive than planned for or the HOA loses a lawsuit or too many foreclosures result in budget shortfalls when banks don't pay the dues) are all expenses you have very little influence on but must pay. Likewise you depend on the HOA to make the place look good to your prospects because you don't control the exterior at all. And most condos are basically apartments with individual ownership, so people look on the living situation the way they would with an apartment.
Oh, and costly insurance (such as flood, earthquake or hurricane) is only carried if the HOA decides to so either you have to fork over for the additional expense (if you didn't want it) or you must do without (if you wanted it).
None of this is true for an SFH, even when there is an HOA.