The housing market is hot right now, and condos and townhomes are no exception. For first time homebuyers looking to own their first place—or seniors looking to downsize, condos and townhomes are particularly appealing.
But many of those residences come with HOA fees and regulations, so it’s vital that home buyers do their due diligence to understand how the HOA will impact them. New communities and developments are also imposing HOA regulations.
HOA fees must be taken into consideration when planning out monthly payments. Your total expenses will equal the HOA monthly fees plus principal, interest, property taxes, and insurance.
The fees are used to maintain common areas, landscaping, and (in the case of tall buildings) elevators. But HOAs can involve more than just a monthly fee. Many also regulate everything from street parking to what you may plant in your yard.
Be sure to read real estate listings carefully to understand everything that an HOAs entails. And rely on your friends in real estate for expert advice! We are here to help you make the best choice for your lifestyle and your budget.
Have questions about HOAs and HOA monthly fees? Contact us!