alt Hacker News“Extremely predictable payments” - I don’t own a home, so I don’t know about this - I have heard mostly horror stories about HOA. Can they hike maintenance fees arbitrarily? Also, what about insurance? Last I read, at least in FL, insurance cost is out of control, is that still true?
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Don’t buy a home in an HOA and avoid living in a place with extreme high risk of property destruction. Neither are requirements of owning a home.
HOA complaints typically are about control not really cost, and the terms are disclosed before purchase so not unpredictable at all, you are allowed to see the full financials and can see the financial health of the organization before committing. Insurance costs are directly correlated to risk, the costs are only as out of control as the risks (which are well known in Florida). E.g. if insurance expects to have to replace a roof every 5 years on average, and to replace a house every 30 years, expect to pay for 1/5th of a roof and 1/30th of a house in your insurance bill, on top of all the other risks.
HOAs can be a big variable cost, yes, especially in the case of underfunded condos associations with a lot of delayed maintenance. Insurance can vary a lot, but is usually a much smaller amount than your mortgage payment (though I only have experience with the PNW).
But yeah, for a single family home in a not-too-flood-prone area it'll be very predictable.
I dunno about the USA, but for much of the world the answer is really simple: don't buy in places that have HOAs
HOAs can be very tricky, the money comes to maintain some shared amenities. Usually it is not too bad, but in case of condos HOAs maintain much more and sometimes the board makes very questionable decisions and can end up short on cash when big things are required, and that can hike the payments a lot.
As for the insurance, the best advice is just to avoid high-risk areas like flooding zones.