Weather you are buying or selling real estate I am sure you have a dream you are trying to achieve. I believe in the power of having that inner vision. I hope this blog helps you achieve all you are dreaming of.
It appears that some buyers are finally starting to ask the right questions before they purchase a home. With today's economy being what it is this is a good sign. The last thing you need after purchasing a home are surprise expenses.
Many of the homes that have been built in the past decade have homeowners association but many homebuyers ask few questions about the association finances and protections. It is the buyer’s responsibility to ask for a detail report on the budget of the association and how healthy it is. How many homeowners are not current on their association dues and what action is the board taking to collect this money? Is the board currently saving in a reserve account for repairs that will be needed? If the reserve account is underfunded how is the board addressing this concern?
All associations have rules and regulations. Read them carefully before you purchase. It is unfair to purchase and then use the excuse that I didn't know that or I was never told about that rule. RULES ARE MADE FOR ALL TO FOLLOW!
One rule that is being reconsidered by many people in 55+ communities is the rule on having anyone living in the home that is not 55 for an extended time. Many adults are finding it necessary to have children move back in after they have lost a home. Although this is a very sad situation it doesn't change the rules that control the tax benefits of these developments. Why should the association lose its reduced tax benefits because a few households can't follow the rules.
There are many benefits for living in an area with homeowners associations but be sure you understand both the good and the bad aspects of association living.
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