The Cost Of Holding Can Be More Important Than The Cost Of Buying
July 15, 2011, Panama City, Panama: When making any overseas property investment, it’s important to understand all related carrying costs, including HOA fees, property taxes, and utility expense.
Dear Live and Invest Overseas Reader,
I read this week about a home owner's association in Florida foreclosing on units because owners are delinquent with their HOA fees. The article focused on a couple of condo complexes where the monthly HOA fees had been increased to the point where they were more than the mortgage payments of the owners. Units in one complex sold for US$89,000 at the height of the boom. One owner of one of these units currently has it listed for sale for US$18,500 (about what he owes in back HOA fees).