Depending upon how well / poorly managed the HOA is, HOA fees for $200k condos can easily exceed $500 / mo. The condo I sold for a substantial loss in the Seattle area in 2010 at $175k had a $280 / mo HOA due for a pretty terrible set of amenities due to a lawsuit that was eating up all the funds. As the HOA dues go up, it can further suppress gains. Then comes some special assessments like new roofs. As such, I consider HOA dues not too dissimilar of a hit on an investment like expense ratios / management fees in a fund, except I've heard of few HOAs that could improve your property value the more money you paid in unlike something like a unicorn actively managed fund.