I'm looking at REO condos on homepath.com (the site for Fannie Mae foreclosures, etc). I'm wondering, is it a good/bad idea to purchase a condo with no home owners association? Most of them have one, but I've seen one or two properties now which explicitly are advertised as having no HOA. Is this a good/bad idea?

2 Answers 2


Bad bad bad idea. Properly managed HOA has rules that regulate usage of the common areas and property; HOA manages repairs and maintenance, insurance and reserve.

Not having HOA means the owners deal with problems on their own, as the problems appear. Need to fix the roof? Assessment. Need to paint the walls - assessment. The roofer fell and broke a leg - liability suit. Huuuuuge assessment.

You really want to deal with that?

  • Everything you say is true... but to me they are the good side of that coin.
    – user4127
    Commented Jan 4, 2012 at 20:40
  • @Chad - well, some people enjoy spanking, too. Being a masochist is not a crime, so have fun.
    – littleadv
    Commented Jan 4, 2012 at 21:04
  • Me either which is why I ruled out a condo all together :p
    – user4127
    Commented Jan 4, 2012 at 21:45

I don't understand why so many people want to avoid a HOA. For a condo community they are the interface between the residents and the management company. The board is made up of the residents of the community.

The board follows and enforces the covenants and other documents, makes the budget, puts aside the money for major repairs.

I would never think of buying a condo without a HOA.

  • I don't want to avoid it; I was just asking about properties that happen to be sold without HOA. I didn't know if this was common enough so that insurance companies sell some sort of special insurance for this situation.
    – Dave
    Commented Jan 3, 2012 at 3:10
  • 4
    I don't think many people want to avoid an HOA when buying a condo. I'd avoid one when buying a regular home, but then I wouldn't have the same issues with repairs to common areas. Commented Jan 3, 2012 at 12:32

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