Rose Cottage Ltd

Real Estate Saturday: January 4, 2014

by on Jan.04, 2014, under Real Estate

Oh goody – double-checked to make sure I DID put the correct year!!!

Definition: HOA

Home Owner’s Association – The Community Associations Institute trade association estimated that HOAs governed 24.8 million American homes and 62 million residents in 2010.

If you’ve never been in one and are confronted with a HOA via your next purchase – make sure you read the fine print. Not only are there monthly fees, but Home Owner’s Association rules and restrictions as to what is allowed to occur on your property may be more invasive than you imagine. What keeps your neighbor from painting his front door neon pink, might also stop you from painting YOUR front door that nice Forest Green you wanted.

Have a community pool and tennis courts? Have a condo unit with a gym, pool, and landscaping covered by the association fees? A $300,000 condo could have fees of $300 to $500 a month for the HOA so as in all things, do your homework.

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More next Saturday. Until then, stay as warm as you can!!

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