Many times when you start looking for your next home or condo, you look for the "perfect" place. The layout of the home has to be just right. The kitchen has to come equipped with the right appliances and countertops, and literally everything needs to be so that you can "see yourself" living there.
Well that is how it happens quite often. And then sometimes that dream home or condo purchase gets derailed because of some restrictions or some costs that you were not aware of. Often these restrictions are put in place by HOAs or Homeowner Associations.
What are HOAs? They are legal corporations that are set up with bylaws and a charter to control and pay for group amenities of the homes or condos in your neighborhood (if you have one). It is IMPORTANT to know what the bylaws, restrictions and costs are before you buy (or fall in love with) the perfect home because these same restrictions and costs will affect the use of your home.
Here are some things to find out about the HOA of a home you are considering (and yes we are happy to help you find the answers to these questions. Just ask! ):
Are the costs reasonable for the services that the Homeowners Association provides? How are the costs associated with other nearby HOAs? Is the HOA in any lawsuits currently? Is the HOA constantly bickering or are they comfortable and simply working to maintain the value of the neighborhood? What are the rules and restrictions that you must abide by as a home owner? How much cash reserves do they have in case there is a legal issue or something happens?
All of these items can affect the value of a home that is governed by an HOA. They are important to understand. We are happy to help you in navigating the waters of what is "reasonable" and how Homeowners Associations in the area compare.
Feel free to give us a call today and we will be delighted to help you.