I've heard that HOA fees in Plano are low, but I was recently asked if that applies to condos as well. When comparing Plano and Richardson side by side with the same budget, the answer becomes clearer.

The average HOA fees for both Plano and Richardson are generally reported to be between $50 and $200 per month (source: GS Group North Texas HOA Cost Guide). However, this figure mostly includes single-family home communities, so the situation is different when looking specifically at condos. The median monthly HOA fee for condos in Richardson County is reported to be $371 (source: HOAs R Us Texas HOA Data). Comparing the two neighboring areas, the outskirts of Plano, which have many single-family home communities, show lower management fees, while the areas adjacent to Richardson, which mix condos and townhomes, tend to have higher fees.

When considering the average condo fees across Texas, often cited as ranging from $200 to $450 (source: Bay Management Group Texas), it is likely that Plano condos fall within this range as well.

• Building exterior and roof maintenance
• Master insurance premium
• Management of common facilities, pool, gym, and clubhouse
• Lawn care and trash collection
• Reserve fund contributions

In response to questions about the reserve fund, it is noted that if this fund is insufficient, special assessments may be levied on all residents when major repairs are needed, such as for the roof, parking lot, or elevators. Florida mandated reserve fund contributions with the SB 4-D law after the Surfside condo collapse in 2021, but Texas does not have such a requirement (source: PropFusion Texas Reserve Study Guide). Ultimately, how diligently the association has built its reserve fund is something that buyers need to verify directly by requesting financial statements and reserve studies.

The same context applies to mortgage assessments. Associations with high delinquency rates or low reserve fund ratios may be classified as non-warrantable condos under Fannie Mae standards, which could lead to less favorable loan terms (source: Fannie Mae Condo Project Guidelines, HUD.gov). When comparing Plano and Richardson based on school districts preferred by Korean families, it is important to consider not only the school ratings but also the financial health of the association. For families relocating from other states, it is also worth noting that Texas's property tax structure differs from that of their previous residence.

If you are weighing the options between condos in Plano and Richardson with the same budget, it is better to consider not just the difference in management fees but also the school district, commute distance, and future rental demand. A slightly lower management fee does not automatically mean a better choice, as it may indicate lower reserve fund contributions, potentially leading to special assessments later.

Before signing a contract, you can check the recent budget, delinquency rates, and any ongoing lawsuits through the resale documents issued by the association. These documents may arrive just a few days before closing, so it is safer to request them early in the offer process.

Both Plano and Richardson are areas where Korean families are consistently moving in, leading to an increase in condo inquiries. However, due to the high proportion of single-family homes and townhomes in the area, there is relatively less data specifically focused on condos. It is essential to individually check the management fee items for each listing and compare them with nearby Richardson or Frisco listings.

Even within Plano, the management fees and financial health can vary significantly depending on which community you are in. It seems safer to verify the association documents rather than just looking at the numbers on the price list. This article is not investment or legal advice, and it is recommended to consult with a professional before making any actual contracts.