Evaluating townhomes and condos with HOAs when running numbers

[Eddie Wright]

Hello everyone!

I just moved to Miami just under a month ago, and I'm currently living in Miami Beach (renting). I'm looking to buy my first property using conventional financing (have VA loan as an option or would be willing to do 20% for the right deal). When looking at townhomes and condos, most have HOAs. My questions on that are:

1.) What does the homeowner's insurance typically look like? Does it take into account having HOAs? I'm seeing a fair number of townhomes between 200K-300K, so I'm curious what insurance rates are looking like right now.

2.) How do you factor maintenance/capex into your analysis when a HOA covers certain parts of the property?

Thank you all!

-Eddie