Click a question to jump right to the answer:
- How can I learn more about a community’s HOA?
- How do you choose between condos and single-family homes?
- What does it mean when a home is a part of a homeowners association?
How can I learn more about a community’s HOA?
Since each community will have different homeowner association (HOA) or condominium association (COA) rules, regulations and fees, you or your Realtor ® should contact the HOA or COA directly to learn more about their practices. When making an offer to buy a condominium or home in an HOA community, you will have an opportunity to review the HOA or COA documents that include information about fees, special assessments, governance, and regulations. If during your review of the documents you have questions, then contacting the HOA or COA board or property management company prior to purchasing the property will important. Your Magnificent Manors Realtor ® will provide you with the contact information or contact the Board or Property Manager on your behalf.
How do you choose between condos and single-family homes?
When deciding whether to buy a condo or a single-family home, you should consider both your personal needs as well as your local real estate market. The condo market is different for each area, and therefore where you will be purchasing your home is a major consideration. Does the supply of condos exceed buyer demand? If so, you may have a difficult time selling it when you decide to move. If you are considering it as a rental property when you move, then understanding the demand for rental properties and the rents they are commanding will be important in your decision making. Plus, factoring in the condo fees vs. maintenance of a single family home for budgeting and financing purposes will need to be considered. For single family homes, the proximity of local amenities like parks and pools may be important to you. Do you love yard work and maintenance associated with a home? Having a basement vs. single floor living in a condo is also a consideration. Also keep in mind your lifestyle when deciding between the two. A condo is great for those not interested in the maintenance and upkeep of a home. However, a single family home may give you more privacy, space and cost control since you will not be paying a monthly condo fee. Your Magnificent Manors Realtors ® will help you with these important questions and trade-offs so you find just the right condo or single family home for you.
What does it mean when a home is a part of a homeowners association?
A Homeowners Association (HOA) is an organization that manages, directs and/or supervises a residential community. HOAs are found in condominium communities, town home communities, as well as neighborhoods. An HOA will set and enforce the rules and stipulations of the community. In addition, HOAs are often responsible for the maintenance and upkeep of the grounds and common space. Each HOA has different membership regulations and fees, and therefore buyers should carefully research such stipulations prior to purchasing a home within an
HOA community.
