YOU MAY BE LEGALLY BOUND TO YOUR NEW NEIGHBORS:
This entry was posted on 4/15/2008 9:43 AM and is filed under Real Estate marketing.
YOU MAY BE LEGALLY BOUND TO YOUR NEW NEIGHBORS:
Those of you in the market for a new home may or may not have heard of something called a homeowner’s association. Many who own currently, or have owned previously, more than likely have belonged to a homeowner’s association. It is possible you were completely unaware that you belonged. This is an aspect of owning a house that is often taken for granted, or completely overlooked when considering buying a new home. Usually the homeowner’s association is a formality instituted by the contractor of a neighborhood or subdivision. It’s purpose is to maintain, and enforce, certain guidelines and covenants created in order to ensure the vision of aesthetics and quality originally intended for living in that particular area. In older neighborhoods many of these ideals may have gone to the wayside and its homeowners association may have lost vigor.
Today, however, there are good reasons for taking a particular look at the homeowners association in a neighborhood when considering whether or not to buy. These days more subdivisions which offer maintenance free living are becoming available. This was an amenity which previously has been attributed mainly to condominiums. This could be of particular interest to senior citizens, as it very well may largely increase your options. In new neighborhoods and subdivisions such as these homeowners associations are usually still very much on top of things, which can be a great benefit.
Yet homeowner’s associations usually come at a price. There is a fee attached which is often figured in to your mortgage payment when you apply for a loan. The fees can vary pretty widely, anywhere from $25 a year to $200 a month, or more, depending on location and services offered. Also, you may not like the covenants set forth by the homeowners association in a particular neighborhood. When you buy the house you are automatically bound to the homeowners association, which is a legally binding contract. Check out all the fine print before you decided.
