HOMEOWNERS’ ASSOCIATION FEES

When the time comes for a customer of mine to purchase a condominium, or planned development, I like to discuss with them the community’s homeowners’ association fee. Normally, these fees are paid monthly or annually for the maintenance of the grounds and the building. The cost of the HOA fee depends upon the number of amenities and building. If there are several amenities and the buildings are higher-end, the higher the HOA most likely will be.

 I like to pull the HOA documents and peruse the guidelines, restrictions, etc. of the HOA with my customers to help them understand the requirements for living in the condo community. For example, the size and type of pets permitted in the community.

 Some things I discuss with my customers regarding HOAs include:
1. determining rules regarding fines (can the rules be changed?)
2. a copy of minutes from the last meeting to determine if there are
    problems and how the problems are solved.
3. exactly what the HOA covers
4. be aware that the grounds and buildings are being managed well
5. consider the HOA fees making certain they are affordable for you
6. Insurance

 Homeowners’ associations can be to the homeowners’ advantage in preventing the neighbor from painting his house in an outlandish color. On the other hand, it might be a bit too restrictive for your lifestyle. Either way,
I want to make sure my customers are well informed when making a purchase of a home with HOAs.

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