Used to own property subject to an HOA (and fee). I distinguish single family homes subject to HOA's from condos subject to condo fees because the former tends to be lower since there is no need for capital reserves if you own a SFH.
The worst part of HOA's for me was not so much the fee itself but rather all of the rules and bylaws that limit what you can do with your property (again, only relevant to SFH's). I just find that concept at odds with the notion that the property is yours. It is all ostensibly about property values, but that's a bunch of BS.
The other thing to keep in mind is that your condo fee is NOT tax deductible (assuming talking about US property here) like your mortgage interest is. However, it is tax deductible if you are renting the condo out because it considered an expense.
While I own property now, I'm very doubtful as to whether I would buy another property to live in as a primary residence.
The worst part of HOA's for me was not so much the fee itself but rather all of the rules and bylaws that limit what you can do with your property (again, only relevant to SFH's). I just find that concept at odds with the notion that the property is yours. It is all ostensibly about property values, but that's a bunch of BS.
The other thing to keep in mind is that your condo fee is NOT tax deductible (assuming talking about US property here) like your mortgage interest is. However, it is tax deductible if you are renting the condo out because it considered an expense.
While I own property now, I'm very doubtful as to whether I would buy another property to live in as a primary residence.