Quote:
Originally Posted by packs
I didn't mean it was an actual mortgage, just that you're practically paying a second one forever when you buy an apartment in NYC. On the surface, the price to buy the apartment seems pretty reasonable. There are lots of apartments for sale for three to five hundred thousand dollars. But the HOA fees will eat you alive and they'll never end.
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I knew what you meant. I thought those who were not completely familiar with co-ops might be interested. I find that co-ops are not that common outside of NYC. I am sure most people would think condo when they hear apartment. Condo fees and HOA fees are also never ending. Not counting 'special assessments' for additional repairs or unforseen expenses that inevtiably pop up.
When I bought my house last year I was insistent that it would not be in a subdivision with an HOA and there are a lot of those here in VA. I don't want someone telling me what I can and cannot do with the property I own. If I want to metal detect on my property I will. It is part of a Civil War battlefield and the topography is the same as it was in 1863 along a line of battle 300 yards from Confederate trenches.