When you purchase a home that is part of a Home Owners Association (HOA), you agree to live by certain rules set up by that HOA. The HOA usually charges a monthly fee and in exchange will provide the homeowners with certain services such as exterior maintenance or access to a community pool. HOA living […]
Thinking Of A Gated Community? Seven Things To Consider First
Editor
/ Owner - October 18, 2017
On the surface, it’s easy to see the appeal of buying property in a gated community, but there’s more to consider the more closely you look. Aside from the clean, well-maintained aesthetic and peace of mind that comes with a literal neighborhood gatekeeper, the American Real Estate Society found that homes in gated communities command […]
No Regrets: How to Research a New-Construction Condo Before You Buy (NY)
Editor
/ Owner - October 17, 2017
Recently I was considering buying a condo in a four-unit new-construction building in Brooklyn. The pictures of the unit in the glossy marketing materials, naturally, looked gorgeous. But after some intensive digging into the building and its developer, I bailed. I had narrowly avoided buying the real estate equivalent of a lemon. Read the article……………..
Pros and Cons of Gated and Non-Gated Community Associations: Thoughts and Considerations
Editor
/ Owner - October 16, 2017
A safe neighborhood is a top priority of home buyers. For many of these home buyers, a gated community is an attractive option. The gate represents protection from the outside world by the careful monitoring of those entering the community. Is a gate, guarded or otherwise, an accurate representation of protection or just an illusion? […]
The Home Buying Trends of Millennials and Their Impact on HOAs
Editor
/ Owner - October 12, 2017
Millennials are at an age where they’re eager to become homeowners. They’re raising children, building themselves up as active members of their community, and looking for homes where they can grow. Therefore, it’s important that you understand the home buying trends of millennials and how they can impact your homeowner association. Read the article……………
5 Ways Hawaii Condo Dwellers Can Protect Themselves
Editor
/ Owner - September 19, 2017
When I accompanied our daughter in her search to buy a condominium in Honolulu a few years ago, we didn’t even think to ask the real estate agent if the unit we liked had a fire sprinkler system or how much fire insurance the building association had purchased or if there were regularly scheduled fire […]
How a Strong HOA Reserve Fund Effects Home Prices!
Editor
/ Owner - September 7, 2017
Reserve contributions are often relegated to “what’s left” status in the budget process, regularly characterized by Board members and homeowners, as a problem for future owners. We’ve been challenging this way of thinking for over 30 years, and finally, there’s proof that we hope will change the way HOA Reserve Funds are perceived – redefining […]
What to Do When Your HOA Oversteps Its Bounds
Editor
/ Owner - August 19, 2017
A Home Owners Association (HOA) sets many rules and restrictions for homeowners. Regulations usually deal with architectural or landscaping restrictions or how many pets you own. But can the HOA choose who buys a home? The answer to that question depends on certain factors. Read the article……………
How to Get the Most Value From Your HOA
Editor
/ Owner - August 15, 2017
The goal of living in an area with community association management in place is to maintain high property values and make sure that your community is an enjoyable place to live. Don’t take your homeowners association for granted. Your HOA is a non-profit mutual benefit corporation that establishes guidelines to promote property value increases over […]
Buying a Home in a Community Association: Part Two – Evaluating an HOA’s Health
Editor
/ Owner - August 8, 2017
So your diligent search for that home of your dreams has finally led you to one that fits all your criteria. However, it is in an association, and you have known people who belonged to condo or homeowners associations (HOAs) that were poorly run or financially mismanaged. You love the home, but you don’t know […]
What Are FHA-Approved Condos?
Editor
/ Owner - August 4, 2017
Federal Housing Administration condominiums are properties that can be purchased using FHA loans—or loans that are insured by the FHA. What requirements must these condos meet to be approved by the FHA? And where should you go to search for available properties? The answers to these questions and more are below! Read the article…………….
Everything You Ever Wanted to Know About Homeowners Associations
Editor
/ Owner - July 31, 2017
When you finally buy your own home after years of renting, you might think you’re done following someone else’s rules (bye-bye, landlord!). But if you’re considering a house or condo within a planned development, you may find yourself answering to a homeowners association, or HOA. In fact, nearly a quarter of homeowners in the US […]
Buying a Home in a Community Association: Part One – Dispelling Common Myths
Editor
/ Owner - July 14, 2017
If you are in the market to buy a new home, it’s very likely that at least some of those that you see are located in a community with a homeowners association (HOA). An HOA is an organization that makes and enforces rules for the properties within its jurisdiction. Being a homeowner in one of […]
What You Need To Know Before You Buy In A Planned Community
Editor
/ Owner - June 28, 2017
A particularly active spring storm season left pockmarked roofs and tumbled fences throughout North Texas this year, including many in my master-planned community, thanks to an EF0 tornado that blew its way through the neighborhood (thankfully missing my house – this time). The process of repairs and replacements was as fickle as the tornado itself. […]
Understanding the pros and cons of Homeowners’ Associations
Editor
/ Owner - June 12, 2017
As a homeowner in an estate or boomed-off area, a buyer may be required to join a Homeowners’ Association (HOA), which means adhering to numerous rules and regulations stipulated by the HOA. Read the article…………..
Self-Managed Condos and HOAs: They Look Like Big Bargains, but Beware
Editor
/ Owner - May 25, 2017
If you’re looking to buy a house or condo but are balking at the steep monthly HOA or condo fees, one budget-friendly alternative is to find a self-managed condo or HOA instead. That means rather than paying a management company to maintain common areas like lawns or a community pool, you and your neighbors take […]
Association Disclosures Under Section 22.1 of the Illinois Condominium Property Act
Editor
/ Owner - April 26, 2017
The focus of this article is to provide a brief overview on the disclosures provided in Illinois by a condominium association to a prospective buyer of a unit and: (a) what is mandated by law; (b) what current practice is; (c) associations’ and board members’ exposures to claims for failure to comply; and (d) action […]
Co-op and Condo Financing: A Market Overview
Editor
/ Owner - April 17, 2017
Today, some eight years after the economic devastation of the Great Recession first began to gather steam, financing for co-op and condominium buildings and individual unit purchases is again widely available. The market is overall quite healthy, and though there have been some systemic changes to this part of the financing world as a result […]
Are HOAs Taking Advantage of Mortgage Servicers?
Editor
/ Owner - April 7, 2017
While Homeowner Association (HOA) liens for unpaid assessments typically have priority over second mortgages and other junior liens (because the HOA liens may “relate back to” the HOAs’ previously-recorded declarations), first mortgages receive special treatment in various states, such as Minnesota. Despite that special treatment, HOAs often demand payment of substantial bills by lenders foreclosing […]
Rosie on the House: What to know when buying home in HOA (AZ)
Editor
/ Owner - April 5, 2017
Thousands of communities in Arizona are run by homeowners’ associations. There are benefits and difficulties you need to think about if you’re thinking of buying a home run by one of these groups. Here are questions to ask about the situation: Read the article…………….
What is an HOA?
Editor
/ Owner - April 3, 2017
It is often said that you’re buying more than a home, you’re buying a neighborhood. Nowhere is that truer than in neighborhoods governed by a homeowners’ association (HOA). Homeowners’ associations are nothing if not controversial. Some residents appreciate having, in essence, a hyper local government that enforces rules to protect property values and maintains the […]
Carefully review CC&R before purchasing a home with HOA
Editor
/ Owner - March 28, 2017
It wasn’t too long ago that a California Court ordered a man to pay $70,000 for violating a homeowner association (HOA) rule limiting the number of rose bushes he could have to 14. The HOA levied fines against the man and he ultimately lost his home. Whether you love them or despise them, HOAs are […]
Consider rules before buying or renting HOA-governed properties
Editor
/ Owner - March 26, 2017
Many people looking for rental properties are turning to condos and townhomes as a less expensive alternative to renting a single-family home. Many of these communities have some nice amenities to offer such as pools, clubhouses, gyms and community parks and green spaces. These amenities are included in the HOA dues that are usually paid […]
HOA 101: An Introduction to Living in an HOA
Editor
/ Owner - March 24, 2017
So you purchased a property in a community governed by a homeowners association (HOA). But what does that really mean? What are your rights and benefits under this structure? How does an HOA really run? Where can you turn if you have questions? Many homeowners miss out on the true value of their HOA because […]
HOAs/Condominiums Want to Know: What is a Transfer Fee in North Carolina?
Editor
/ Owner - March 24, 2017
A common question that we get from developers, managers, and HOA Boards is “what exactly is a transfer fee?” Although the term “transfer fee” is often used loosely to mean several different things, state statute defines the term generally to mean “a fee or charge payable upon the transfer of an interest in real property.” […]
20 Mar Community Association Law: Can You Turn Down an Applicant for Sale or Lease? (FL)
Editor
/ Owner - March 22, 2017
Your community association’s Governing Documents provide the association with the right to review and approve sales and rentals; and to charge a transfer fee to cover the costs of processing the transaction. You have an application form and you pay a company to run a background check. So, can you actually turn any of the […]
What is a Community Association? Unwrapping the Riddle
Editor
/ Owner - February 13, 2017
There are approximately 14,000 planned communities located throughout North Carolina, but very few of the nearly 3 million residents of such communities have a clear understanding of what the heck the community association really is that serves their planned community or condominium. In short, a community association is a nonprofit organization, either incorporated under the […]
What You Need To Know About HOA Pet Restrictions
Editor
/ Owner - January 30, 2017
Recently, we were house hunting in a state saturated with homeowner associations (HOA). It seemed every neighborhood had some type of strict HOA rule. This was our first HOA experience, and we were a bit nervous because we share our home with a Rottweiler and Bull Terrier. As many pet owners are aware, these dog […]
Buying Into an HOA, Part 3
Editor
/ Owner - January 26, 2017
The amount of paperwork is staggering. When buying property that is part of a homeowners’ association (HOA), the paper work is increased due to a statutorily-mandated set of additional disclosures regarding the HOA (Civil Code Sections 1365 – 1368 and 1375). In this third installment in this blog series, I will discuss some of the […]
Low-owner occupancy boosts condo loan costs (MA)
Editor
/ Owner - January 16, 2017
Q. Dear Rick: I’m thinking of buying a condominium this spring. One of the things I’ve been warned about is “low owner-occupancy” condo projects. Can you explain what those are, and why I should be careful of them? Read the Q&A………..
What Are Restrictive Covenants? Read These Rules Before You Buy
Editor
/ Owner - January 9, 2017
If you’re looking to buy a home in a community run by a homeowners association, or HOA, then you may have also heard that in order to join the club, you’ll have to abide by its restrictive covenants. So what are restrictive covenants? Although this term may conjure up images of a satanic cult, “restrictive […]
HOA Homefront: How can you tell if an association is well-run?
Editor
/ Owner - December 24, 2016
Common interest developments, or homeowner associations, house about one third of Californians, and most new housing stock is established in HOAs. Can buyers determine whether an association residence is a good investment, or if the HOA is healthy? Is it simply price and location? Well-run associations in poor locations might be more desirable than poorly […]
Townhomes, Condos, Co-ops And More: Property Type Affects Mortgage Approval
Editor
/ Owner - December 19, 2016
Many homes don’t look like the Equal Housing logo featured in real estate and mortgage ads. And they don’t all have white picket fences either. But, they can be financed, if you understand how your property type affects your mortgage approval. Whether you’re buying a condominium, townhome, co-op — or a traditional single-family house, the […]
HOA Dues (And Don’ts): How This Extra Costs Can Price You Out Of Homeownership
Editor
/ Owner - December 1, 2016
If you’re finally ready to buy that first home or a vacation paradise, you probably think you’ve already paid your dues, and deserve the mortgage for that property. But it’s dues of another kind that may throw the wrench in your home application. The HOA dues required by your condo or planned community. Read the […]
The Pros and Cons of Living in Gated Communities
Editor
/ Owner - November 8, 2016
The 2001 American Housing Survey reported that 4+ million homes in America are in a gated community. Considering the growing popularity of gated communities and the passing of over 15 years, we can only assume that several more have been added to that number, the amount of which is hard to track because gated communities […]
Small disputes can have big consequences
Editor
/ Owner - November 5, 2016
Mouse Trap was one of my favorite games growing up. Heck, I even loved it when Santa Claus brought one for my daughter a Christmas morning not so long ago. Much like the crank turns a gear that operates a lever that releases the boot to kick the bucket and drop the marble to start […]
Turn the Tables: How to Interview the Board of a Condo, Co-op, or HOA
Editor
/ Owner - October 27, 2016
If you’re buying a condo, co-op, or a house in a homeowners association (HOA), you will probably have to submit to an interview by its board before the deal is done. And sure, it may seem awfully intimidating to sit there and be scrutinized by the “in” crowd in a community you hope desperately to […]
The ILSA Condo Exemption – Not Out of the Woods Yet
Editor
/ Owner - October 18, 2016
The Interstate Land Sales Full Disclosure Act (ILSA) is a federal statute that aims to prevent land sales fraud and uninformed purchases of unimproved real property by requiring registration of subdivisions with the Consumer Financial Protection Bureau and pre-contract consumer disclosure of a property report. ILSA includes among its remedies an automatic right of rescission, […]
Transactions involving an HOA: what every Realtor should know
Editor
/ Owner - October 14, 2016
Ask two homeowners their thoughts on living in a community with a homeowners’ association (HOA), and you may find one kicking and screaming for vindication and the other perfectly content. The difference in opinion comes from their individual experiences and personalities and the efficiency and competence of their HOA board and management. Read the […]
6 Facts You Should Know About Homeowners’ Associations
Editor
/ Owner - July 26, 2016
Most people assume that owning a home is just like owning almost anything: once it’s yours, no one short of the government can tell you what to do with it. Seems pretty logical, right? Unfortunately, anyone prescribing to that logic probably hasn’t had experience with homeowners’ associations (or HOAs). These organizations exist to police the residential […]
Before You Buy: Consider Homeowners Association Fees and Other Costs
Editor
/ Owner - July 26, 2016
Buying a home is a big milestone in life. It’s probably one of the biggest purchases you’ll ever make. It can also be one of the most exciting and nerve-racking! You can avoid anxiety and buyer’s remorse by making sure you’re informed about certain factors that are part of home buying – whether you’re buying […]
Why condo fees are worth further examination
Editor
/ Owner - July 23, 2016
True story. A couple walk into a “for sale” oceanfront condo that adjoins their good friends’ unit. The wife is awestruck by the stunning ocean views and smitten by the perfect staging job. She says to her husband: “I want this house. It’s beautiful, and we wouldn’t have to do a thing……Her one concern? The […]
How a Condo Association Could Kill a Sale
Editor
/ Owner - July 13, 2016
Lenders are stricter when financing condos because the homeowner isn’t solely responsible for maintaining the value of the property. When someone buys a condo, they’re also purchasing an ownership share in common areas ranging from the grounds to shared amenities. These are managed by the condo association, whose officers are elected by fellow residents. […]
When Homeowners’ Association Living Goes Haywire: How To Prevent The Common Problems Of Living Under An HOA or COA
Editor
/ Owner - June 29, 2016
But along with the benefits of enhanced control over their environment and their property values can come problems, such as time consuming bureaucracy, legal imbroglios, unexpected expenditures, and unmet expectations. Sometimes these problems can be benign – you can’t fly the flag you want to over your front door, you can’t put the jungle gym […]
4 Tips for Surviving Condo Life
Editor
/ Owner - May 19, 2016
Condo life. It’s, for the most part, a city thing. People who don’t want to be able to see their neighbors or who want to own land don’t understand those who choose to live in condos. Sometimes it’s not about choice but necessity. Read the article……….
Buying and Selling a Condominium Can Feel Like Playing a Game of Monopoly
Editor
/ Owner - May 3, 2016
So you landed in Park Place and decide this is the perfect home for you. You sign the contract and look forward to paying the bank and moving in. It is just like the game, Monopoly. Not so fast – you have decided to move into a condominium! Read the article………..
Two Things You Need to Know About Homeowners Associations
Editor
/ Owner - April 26, 2016
Owning a home isn’t always a happily-ever-after story. On any given day, you might deal with a leaky roof, a weedy lawn or a bad neighbor. Homeowners associations can help with these inconveniences. Read the article………..
Common Property Owners Association Terms Defined
Editor
/ Owner - April 19, 2016
When it comes to your property owners association, there are a lot of terms that may be new or perhaps not clear. As you look through relevant documents and governing contracts, you have to understand the language used to fully grasp what is required. Read the article………….
Understanding Association Fees and What They Cover
Editor
/ Owner - March 22, 2016
There are three common categories of Association fees – Home Owners Association/Property Owners Association (HOA/POA) fees, Condominium (condo) fees, and Cooperative (coop) fees. Generally, condo and coop fees are due monthly, but HOA fees often vary between monthly, quarterly, and yearly payments. Read the article………..
Condos are not houses — questions to ask yourself before trying ‘complex’ living
Editor
/ Owner - February 27, 2016
When you own a house, you are responsible for everything, and everything is on your schedule. You make the rules, you make the repairs and you mow the lawn. You decide when to paint the house or change the filters, and you decide where to park your bike. But when you own a condo, someone […]