San Diego Housing Market News and Analysis
North County Mello Roos/HOA Verse Older Neighborhoods
User Forum Topic
Submitted by Andrew32 on August 4, 2017 - 11:14am
Moved to North County two years ago and have been renting while saving up for a down payment. We identified a couple areas we could see ourselves living in indefinitely. We're planning to purchase a home with the intention of staying for the long haul until the newborn and any future kids graduate from high school.
My big question is: What would be the long-term (20- years) cost comparison between a newer home in a Mello-Roos neighborhood with an HOA than a home without either(or just a low HOA)?
a)Some follow ups that I am trying to answer:
b) How significant would the maintenance costs be of an older home from the 80s verse a home built in the 2010s or new with a warranty? I feel like that should add up enough to play a factor in our decision.
I know we can have a lower monthly payment with an older home that has the same sale price than a newer one with Mello-Roos and a big HOA (400-700 less a month total) and in turn that frees up money that would not be going towards equity or is tax deductible. However, on the flip side, if a home without those additional costs sells for more per square foot in North County and has higher maintenance costs, could it be essentially a wash or even possible to come out ahead in the newer home scenario over a 10-20 year time period?
I understand the many variables in play that make answering these questions challenging but looking for data, expertise, and even opinions to bring some clarity to my logic here, which I'm sure is flawed in some way(s).
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