Should I Buy a Home With an HOA in Lexington, SC in 2026?

Here's a real Midlands example. Earlier this fall, a renovated two-bedroom condo at The Village at Lake Murray was listed for sale at about $185,000 in the Consolidated MLS (CMLS), and the community's HOA fee is $387 a month. That fee covers a lot: the clubhouse, the pool, Spectrum TV and internet, exterior and front-yard maintenance, sprinklers, trash, security and a gated entrance. It also adds about as much to the monthly bill as roughly $55,900 more mortgage at today's rates.

So is that a good deal or a bad one? That's the HOA question in a nutshell, and the honest answer is: it depends on what the dues buy you and how well the association is run.

I'm Joe Michel, a Realtor with Coldwell Banker Realty on the Patrick O'Connor Team, the #1 Coldwell Banker team in South Carolina. Here's how I walk buyers through the HOA decision in Lexington, Chapin, Irmo and around Lake Murray.

What does an HOA actually cost in the Midlands?

It ranges widely, from almost nothing to several hundred dollars a month. A few real examples from our team's listings and neighborhood notes:

• The Village at Lake Murray (condo): $387 a month, covering amenities, exterior upkeep, cable and internet, trash and gated access.
• Saluda River Club (Lexington): dues typically run roughly $1,500 to $3,200 a year depending on the section, or about $125 to $267 a month, for community amenities, common areas and programming.
• Spence Plantation (Lake Murray): an active HOA whose dues cover the gated entry, a community boat ramp and a shared lake dock.
• Typical Lexington subdivisions: many have modest dues that cover a community pool, a pond, a playground and common-area landscaping.

And plenty of Midlands homes have no HOA at all. Our team regularly lists no-HOA homes, from in-town Lexington ranches to Lake Murray waterfront on an acre or more.

How do HOA dues affect what I can afford?

More than most buyers expect, because lenders count HOA dues as part of your monthly housing payment when they figure your debt-to-income ratio.

Freddie Mac's 30-year fixed average was 7.40% on October 8, 2026, up from 6.30% a year ago. At that rate, every $100 a month in HOA dues takes up about the same room in your budget as $14,400 of mortgage. Put another way:

| Monthly HOA dues | About the same payment as this much extra loan (7.40%, 30 years) | |---|---| | $100 | $14,400 | | $250 | $36,100 | | $387 | $55,900 |

That doesn't make dues bad. If an HOA covers your exterior maintenance, roof, lawn, cable, internet and a pool you'd otherwise pay for, the math can come out in your favor. You just have to compare the whole monthly payment, not just the price.

For context, the median sale price in the 29072 ZIP code was $359,894 over the three months ending September 2026, according to Redfin. With 5% down at 7.40%, principal and interest on that alone is about $2,367 a month, before taxes, insurance and any HOA.

What are the upsides of buying in an HOA neighborhood?

• Amenities you couldn't justify on your own. A pool, clubhouse, boat ramp, dock or walking trails.
• Less upkeep. In condo and townhome communities, the HOA often handles the exterior, the yard and sometimes the roof. That's a big deal for busy professionals, frequent travelers and buyers who want to lock and leave.
• A consistent look. Covenants keep the neighborhood from changing in ways that hurt values, like a junk car in the front yard next door.
• Lake access without lakefront prices. In lake communities like Spence Plantation, shared ramps and docks are how a lot of families get on Lake Murray without buying a waterfront lot.

What are the downsides?

• Dues usually go up over time, and a board can levy a special assessment for a big repair if reserves come up short.
• Rules. Fences, paint colors, sheds, parking, boats and RVs in the driveway, short-term rentals, and even some pets can be restricted. The Village at Lake Murray, for example, requires a six-month minimum on rentals.
• You don't control the board. A well-run HOA is great. A poorly run one can be frustrating.

South Carolina's Department of Consumer Affairs (SCDCA) tracks HOA complaints every year. Its 2026 report covered 452 complaints against 339 HOAs and management companies in 2025, up 4% from the year before. The top issues were HOAs not following or enforcing their own covenants and bylaws (16.8% of concerns), maintenance and repair problems (11.7%), and ignored requests to see documents (9.5%).

What are my rights with an HOA in South Carolina?

South Carolina's Homeowners Association Act took effect in May 2018. Here's what it does and doesn't do:

• Documents have to be recorded. To be enforceable, an HOA's governing documents (the declaration, bylaws and amendments) must be recorded with the county where the home sits. In Lexington County, that means you can pull them before you buy.
• Sellers have to disclose it. The South Carolina residential property condition disclosure statement asks whether the home is part of an HOA.
• The state doesn't referee disputes. SCDCA collects complaint data and can try voluntary mediation, but the law specifically bars it from arbitrating fights between homeowners and their HOA.

Here's the number that jumps out at me from the SCDCA report: 90% of people who filed complaints knew HOA membership was required, but only 32% said they got the governing documents before they bought. Fifty-three percent got them after closing. Don't be in that 53%.

What should I ask before I buy a home with an HOA?

Before your due diligence period runs out, get these in writing:

1. The exact current dues and how often they're billed.
2. What the dues cover, item by item.
3. The declaration, bylaws and rules. Read the sections on rentals, fences, parking, boats, pets and exterior changes.
4. The current budget and reserve balance. Thin reserves usually mean higher dues or a special assessment later.
5. Any pending or planned special assessments.
6. Recent meeting minutes, which tell you what the board is arguing about.
7. Any transfer or initiation fees due at closing.
8. Insurance. For condos, ask what the master policy covers so your own policy fills the gap.

Our team pulls current HOA documents for buyers in HOA neighborhoods so you're not reading them for the first time after closing.

So, should I buy a home with an HOA?

Buy in an HOA if the dues fit comfortably inside your total monthly payment, the rules match how you actually live, and the association's finances check out. That's usually a great fit for first-time buyers, downsizers, second-home owners and anyone who wants amenities or lake access without the upkeep.

Lean toward no HOA if you have a boat, RV, workshop or home business, want room to build, or just don't want anyone telling you what color your door can be. In today's market, with 29072 homes taking a median of 49 days to sell and 43.2% of listings taking a price cut, you have more choice than you did a couple of years ago. You don't have to settle on the HOA question.

Frequently asked questions about HOAs in Lexington, SC

Are HOA fees mandatory in South Carolina? Yes, if the home is in a community with recorded covenants that require them. Unpaid dues can lead to fines and liens under the HOA's governing documents.

How much are HOA fees in Lexington, SC? They vary by neighborhood. Many single-family subdivisions have modest dues for a pool and common areas. Amenity-heavy communities like Saluda River Club run roughly $1,500 to $3,200 a year, and condos like The Village at Lake Murray run higher ($387 a month) because they cover exterior maintenance and utilities.

Do HOA dues affect my mortgage approval? Yes. Lenders include HOA dues in your monthly housing payment when they calculate your debt-to-income ratio. At 7.40%, $100 a month in dues takes up about the same room as $14,400 of mortgage.

Can I find Lexington homes with no HOA? Yes. Older in-town neighborhoods, rural parts of Lexington County and many Lake Murray waterfront homes have no HOA. Our team lists them regularly.

Where can I see an HOA's covenants before I buy? South Carolina requires HOA governing documents to be recorded in the county where the property sits. Ask the listing agent or HOA manager for the full package during your due diligence period.

Who do I complain to about my HOA in South Carolina? The South Carolina Department of Consumer Affairs takes HOA complaints and offers voluntary mediation, but it can't force an outcome or arbitrate the dispute.

Want help sorting HOA from no-HOA homes?

Whether you want a pool and a boat ramp or two acres and no rules, Joe Michel's team can pull the HOA documents and run the full monthly payment before you write an offer. Call or text me at 803-553-6438, or start with our guides on how to buy a home in Lexington, first-time buyer mistakes and asking for closing cost credits. You can also see what our team has closed lately on the Patrick O'Connor Team recently sold page.

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*Joseph Michel, Realtor® | SC License 130259 | Coldwell Banker Realty | The Patrick O'Connor Team, the #1 Coldwell Banker team in South Carolina | 607 Columbia Ave, Lexington, SC 29072 | 803-553-6438 | scmidlandsagent.com*