Take an in-depth look at HOA’s

Dated: 12/27/2018

Views: 124

Homeowners Association Fees/Condo fees explained
Many first-time condo/townhome buyers get confused over Home owner’s association (HOA) fees/condo fees. Let’s get some insights.
A Home owner’s association is the governing body for that particular subdivision or community established by the builder or the property developer. There is always governing body as called “Board Members” that make rules & regulations for that particular community. They have many services that need funds for like trash pickup, snow removal, lawn maintenance or sometimes managing community recreational activities.
First-time condo buyers get confused by the monthly condo/HOA fee that condo buildings charge. Combined with property taxes and your mortgage payments, they can add up to a hefty percentage of your total housing costs. But there are always some pro’s and con’s having it and every condo/townhome buyers need to think about their priorities and how useful these facilities for them.
Let’s see the pro’s
1. With uniform look and feel of any community gives the first great impression. The appearance of the whole community protects the property value.
2. Safety & Security always plays a big role, with association providing safe neighborhood and sometimes gated community or organized neighborhood watch.
3. HOA maintains common areas for the enjoyment of residents. It could be swimming pool, park or tennis court, clubroom etc.
4. The HOA often includes services like lawn care, snow removal, garbage pickup which take care of home owners convenience.
5. When you are in a big neighborhood, it’s a good way to know your neighbors and build a sense of community.
6. The Board often mediates disputes among residents and ensure quite in the community.
And here are the Con’s
1. The HOA fees makes a big difference in home owners budget, the typical fees of $300-$400 monthly is an added expense each month.
2. Most of the associations might have some special assessment for larger items like Roof, decks, exterior painting etc.
3. Some HOA limit home owner’s ability to do some home improvements like updating external appearance of home, the home owners need to get permission from the associations
When you are ready for your house hunt do consider all these points, compare HOA fees, the amenities of the homes you have shortlisted.
When you are looking at any particular condo/townhome do take a look at the community, the common areas, how well kept they are and other facilities.
And as a thumb rule in real estate Location is always the key factor, consider that while looking at any condo/townhome.
Read the fine prints of rules/regulations, what are the rental policies of HOA and so on and on.
There are many factors to consider while looking to buy condo/townhome. Do your due diligence, ask questions and get your answers straight.
Feel free to contact me if you would like to know more about condo/townhome. Happy to assist you in every step of the way !

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