Chicago Townhome has no HOA - pro or con?

[Audrey Parzyk]

Does anyone have experience with town homes with no monthly HOAs? I have a client interested in a unit with no HOA. It seems appealing due to taxes being lower than a single family, but is it too risky?

Does that mean there is no master insurance policy? And, for example, if there is an issue with the roof is each owner responsible for what is directly above their unit?

[Chris T.]

Our first house is a duplex with no association. It was perfect for us. 

There is no master insurance policy, I had a homeowner's policy when we're living in it. And since we rented it out, we have a landlord policy. When we had a storm came through, my neighbor went through his roofer and insurance while I went through mine. 

The biggest disadvantage is you don't want to be too different (like different siding or roof colors) from your next door neighbor despite your preference.