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Your First Homeowners' Association
“I’M
CONSIDERING BUYING A HOME THAT’S IN A COMMUNITY WITH A HOMEOWNERS’
ASSOCIATION. SINCE I’VE NEVER LIVED SOMEWHERE WITH A HOMEOWNERS’
ASSOCIATION BEFORE, IS THERE ANYTHING I NEED TO KNOW AHEAD OF TIME?”
There are over 300,000
homeowners’ associations in the U.S. and all of them have different
rules, by-laws, and regulations. Before you buy, you should do a little
research before you sign on with the homeowners’ association. Talk to
the community manager or association president and get a copy of the
regulations or covenants. Pay particular attention to specific rules
such as restrictions on pets, vehicles, and exterior standards such as
fencing, painting, clotheslines, etc. Also, ask what the monthly dues
are and what those dues specifically cover. In some cases, you may have
to pay a “move-in” fee. You should also ask to see minutes from a recent
meeting and a copy of the association’s financial statement to get an
idea of how they conduct business. Homeowners’ associations do provide
valuable services—such as access to exercise facilities, landscape
maintenance, and the protection of property values—but make sure you
have a comfort level with the association before you commit to buying.
If you’re hesitant about any of the regulations, you may want to
consider buying a home in another community. Remember, once you sign a
contract with a homeowners’ association you’ll have to abide by those
rules. ∆
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