Posted by Marie Presti on 7/22/2018

Purchasing a property in a planned development, gated community or a place with leased land can seem confusing due to regulations. The biggest difference in buying one of these properties instead of a single family home comes with one main difference: additional fees. HOA stands for Home Owner’s Association, which is what you’re obligated to join when you purchase a home within a community. You’ll pay the association monthly or annual fees for the upkeep of community centers and buildings within the complex. Before you decide to buy, it’s a good idea to know how these fees work and how to get the most for your money when purchasing a home with HOA fees.


HOA Fees 101


HOA fees range from about $200-$400 a month. If you’re looking to move into a more upscale community or are looking for a lot of amenities, expect to pay more for your fee. The association may charge an extra assessment if additional funds are needed for projects such as a new roof or a new pool.


Equal Responsibility


All residents in condos or town homes are equally responsible for the common maintenance such as landscaping, garages, fitness rooms, pools, clubhouses and sidewalks. HOA fees are said to help homeowners maintain a certain quality of life within their community and keep the properties safe and pleasant for all residents. 


The Rules


Homeowner’s Associations have certain rules that all residents must follow. These can include what color your house can be, what type of landscaping you can do, if you can install satellite TV, or where you are able to park your car. These rules are pretty similar to the ones that you would need to follow if you were living in an apartment building. If you’d like to do anything outside of the rules of the HOA, you’ll need to file what’s called a variance with the association in order to get approval. All in all, it’s important to obey the rules when you’re living in a property governed by an HOA, otherwise, hefty consequences can result. 


Tips For Successful Living In A Community Setting


  • Know the rules
  • Make sure that the home you want to buy is in compliance with current HOA standards
  • Be sure your temperament matches with community living


Questions To Ask About HOA Fees


  • How are fee increases set?
  • How often do fee increases occur?
  • What is covered under the HOA fee?
  • What conflicts have occurred in the association and how were they resolved?
  • What kind of insurance is on the building?


Home Owner’s Association Fees are a good thing because they prevent major issues like horrible paint colors and parking issues from ruining a community. However, when purchasing a home in a community setting, you need to be smart about what the fees cover and if living in that community has your best interests in mind.   





Posted by Marie Presti on 2/22/2015

Could condo living be for you? For many condominium living can be an attractive alternative to a single family home. The price per square foot of a condo is often less than a single family home. Before you make the leap to condo living make sure to do your homework to see if it truly is the best choice for you. Here is a checklist of a few things you may want to consider before signing on the dotted line.

  • Condominiums have monthly maintenance fees.
  • Check with the condominium association to see what the annual increase in the monthly maintenance fee has been for the past few years.
  • What is the percentage of residents are current with their monthly association payments. Look for about ninety-seven percent of the development's residents to be current with their monthly payments.
  • What percentage of the association fees are dedicated to a reserve fund. A good number would be at least 10 percent of the association's annual budget.
  • What are the condition of the condo's roof and major mechanical systems? When were they last replaced or repaired. When the condo requires big upgrades, costly "special assessment" fees are passed on to the homeowners.
Most importantly try and talk to some of the residents. They can be your most valuable resource for learning about the development's pros and cons of the condominium development.





Posted by Marie Presti on 2/5/2012

When it comes to searching for a home, there are a lot of factors that you have to consider. This is especially the case if you are shopping for condos, as you will be sharing a lot of common space with your neighbors as well. The first thing to look into is the overall interactivity that goes on within the block of condos you are considering to make your home. In most cases, it is always better to find a condo that has an interactive community, because this in turn means that you never have to worry that someone might not be doing their part in keeping the block of properties maintained and in good condition. One thing to be careful of is that some communities do not allow pets, and so if you are looking for a condo for you and your pets, then you need to make sure that the community has no problem with this. In the end, you have to find a condo that is able to be comfortable to live in, and where there is the least amount of stress. While it can be very beneficial to live in a community, it can at times be stressful if you are not one to go by strenuous rules. For some people, the idea of owning a home means that they have the freedom of choice to do what they want in their property. One of the most important things to look into when buying a condo is the condo fees. What are they and what will they be down the road? Are they set condo fees, or could they become too costly to pay down the road? Some condos fees go up to the point that makes the great price you got on the condo not look so great because of what you are paying in taxes and condo fees. One of pluses of a condo is no maintenance and a lot of people really like that especially in your later years when you don’t want to mow the lawn or shovel the sidewalks. A condo is a great option for many buyers and you can generally get into a condo for a fair price.







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