Posted on: 16 July 2018
Buying a house that belongs to a homeowner's association can come with a number of great benefits, but it will also come with an additional fee each month on top of your mortgage. When one of the homes you're checking out belongs to a HOA, you'll need to take care to look into whether the features are worth the cost. Before making any decisions on buying a home that belongs to a HOA, consider some of the following things that you'll need to ask about.
Neighborhood Amenities Included in the Fee
There are often a variety of amenities that are included in a homeowner association, but you may not be interested in everything that is offered, depending on your lifestyle. If you already belong to a gym that you want to stick with, for example, you may not be interested in a HOA that provides access to a community gym.
A swimming pool that the community can use may be appealing for some, but not if the home you're interested in already has a private pool. Checking out the amenities can make sure that you're not paying extra for nothing.
Amount of Landscaping Taken Care Of
One of the reasons many people enjoy living in a neighborhood covered by a HOA is that a lot of the landscaping may be taken care of. Living in a community with beautiful landscaping can be great for homeowners that aren't able to put in a lot of effort towards their own landscaping. Having paved walkways and even a park that's well maintained can make getting outside more enjoyable and can make the community a better fit for you.
Firm Rates or Chance of Price Increasing Later
When you begin checking out the cost of some of the HOA fees in different neighborhoods, you may notice that they can vary quite a bit. Even when you find a home where the HOA fee is quite affordable, it could always increase the following year after you've moved in. Asking questions about whether fees can increase or whether your price is locked in can help you get a better feel for the cost.
Taking your time picking out a home to buy can allow you to make sure that you get the best rate possible. If you're eager to buy a home that belongs to a homeowner's association, you need to take care to understand what's included and whether the price is fair.
For more information, consider talking to the professionals at Best Source Realty LLC.Share