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Buying your first home can feel confusing, overwhelming—and let’s be real, a little intimidating. Keys & Cafecito is here to change that.
Hosted by Realtor® Anna Franklin, this podcast breaks down the homebuying journey into clear, honest, and easy-to-digest episodes—perfect to enjoy with your morning cafecito. Whether you’re just starting to save, wondering if now’s the right time, or getting ready to make offers, you’ll get real talk, practical tips, and a little encouragement along the way.
Because your future keys? They’re closer than you think.
Hey hey, welcome back to Keys & Cafecito! I'm Anna Franklin, Realtor here in San Diego.
Today we're talking about something that scares buyers all the time...
HOA fees.
I can't tell you how many times someone sends me a condo and says,
"This one has a $700 HOA. Nope!"
Or they find another one with a $250 HOA and immediately think that's the better deal.
But today I want to challenge that way of thinking.
Because a low HOA isn't automatically a good HOA...
and a high HOA isn't automatically a bad HOA.
Let's talk about why.
WHAT IS AN HOA ACTUALLY FOR?
Think of your HOA like the budget for an entire neighborhood.
They're responsible for maintaining whatever belongs to the community.
Depending on the property, that might include:
roofs
exterior paint
landscaping
pools
elevators
private roads
gates
clubhouses
water
trash
sewer
insurance
Every community is different.
So the first question shouldn't be...
"How much is the HOA?"
It should be...
"What does the HOA actually cover?"
WHY ARE SOME OLDER HOA FEES SO HIGH?
A lot of people assume older communities are simply expensive to maintain.
Sometimes that's true.
But there's another reason.
Older communities have had decades to learn what it really costs to maintain a property.
Roofs wear out.
Parking lots crack.
Balconies need repairs.
Insurance gets more expensive.
Landscaping costs go up.
Reserve funds need to be built.
A well-managed HOA plans for those expenses instead of pretending they don't exist.
THE TRAP OF LOW HOA DUES
Now let's talk about the other side.
Imagine two condo communities.
Community A charges $700 a month.
Community B charges $250.
Most buyers automatically want Community B.
But here's the question...
Has Community B actually been collecting enough money to maintain the property?
Because eventually...
Roofs need replacing.
The asphalt has to be resurfaced.
Plumbing fails.
Balconies need repairs.
And if there isn't enough money saved...
Guess who pays?
The homeowners.
SPECIAL ASSESSMENTS
That's when you hear the words...
Special Assessment.
A special assessment is when every homeowner is asked to contribute additional money because the HOA doesn't have enough funds to cover a major expense.
Sometimes that's a few thousand dollars.
Sometimes it's tens of thousands of dollars.
Now, I do want to be careful here.
A special assessment doesn't automatically mean the HOA is poorly managed.
Sometimes insurance premiums skyrocket.
Sometimes there's storm damage.
Sometimes a state law requires safety upgrades.
Unexpected things happen.
But if an HOA has a pattern of underfunding maintenance year after year, that can increase the likelihood of special assessments when major repairs come due.
MY ROLE AS YOUR REALTOR
One thing people don't realize is that buying a condo is a little different than buying a detached home.
Your lender is doing their homework too.
They're reviewing documents like the HOA's insurance information, budget, reserve funding, and other items that can affect whether the community qualifies for financing.
On my side, I'm reviewing the HOA documents available to us, especially the CC&Rs, so you understand the rules you'll actually be living under.
Can you rent the property out?
Are pets allowed?
Can you install solar?
Are there parking restrictions?
Those are the kinds of things that can have a huge impact on your day-to-day life.
And if something raises concerns, we'll ask more questions before moving forward.
WHAT BUYERS SHOULD REALLY ASK
Instead of asking,
"Is the HOA fee high?"
Ask:
What does it cover?
Has the HOA been maintaining the property?
Are major repairs already planned?
Has the community had recent special assessments?
Is the property being cared for?
Because the monthly HOA fee by itself doesn't tell the whole story.
WRAP-UP
At the end of the day, I don't want my buyers choosing a condo based solely on whether the HOA is $250 or $700 a month.
I want them buying into a community that's financially healthy, well maintained, and a place they'll be happy calling home.
If you're thinking about buying a condo or townhome and you have questions about HOA documents, I'd be happy to walk you through them.
I'm Anna Franklin with Keys & Cafecito.
Thanks so much for watching, and I'll see you in the next one.