Pros and Cons of Adjustable Rate Mortgages When you are in the market for a new home, you may be faced with numerous options for financing your home. One of the choices you will have to make is
Curious About Homeowners Association HOA Fees Heres What You Need To Know
If you are thinking of buying a condominium or a home that is part of a planned community, you have likely come across the term “homeowners’ association” or HOA. In short, the HOA is a coalition of local homeowners who have banded together to manage the needs of the local community. Let’s explore the concept of the homeowners’ association, why they charge fees and what you can expect from your HOA if you buy a home that is part of one.
HOA Fees Are Meant To Make Things Easier
HOA fees are meant to make your life easier. Common sense dictates that all homeowners won’t be able to commit to investing some of their time in community upkeep. So the HOA charges a monthly fee to everyone to cover the costs of keeping everything in order. Of course, some HOAs can make mistakes or foolish investments that don’t benefit all equally. But most are well-intended and do positive work.
What Do HOA Fees Cover?
Your HOA fees will be used to pay for needs that benefit all homeowners’ in the community. If you live in a building, this will be everything from elevator maintenance to keeping the doors in good order. If you live in a townhouse complex or planned community, this includes landscaping, gardening, road maintenance and more. As long as your HOA leaders are doing their job, they will use fees to maintain and improve the community for everyone.
Some Pros And Cons Of HOA Fees
The main benefit of paying HOA fees is that you are offloading your share of the responsibility for building or community upkeep. In essence, you are trading a monthly payment so that you don’t have to vacuum the common areas, change the light bulbs or worry about repairing the gate when it breaks. The main downside to paying HOA fees is that you only have a single vote as to how they are spent and you may disagree with other homeowners about the HOA’s priorities.
All things considered, whether or not you have a favorable view of your HOA generally comes down to you. If you are the type that likes to share their opinion and is willing to commit the time to improve your local community, you may want to join your HOA. However, if you are less interested in having someone spend your money, you might disagree with their approach. Whatever the case, when you are ready to buy your next home, contact our professional mortgage team. We’re happy to help you find the right financing for your new home – HOA or not.
For More Info Visit: http://www.bondstreetloans.com
Latest Blog Posts
Should You Pay Discount Points When You Get Your Mortgage? One of the challenges you will face when deciding how much money to put down on your new home is whether to put down a larger down payment
What’s Ahead For Mortgage Rates This Week – April 16th, 2018 Last week’s economic reports included readings on inflation, the minutes of the most recent meeting of the Fed’s Federal Open
The Humble Vegetable Garden: A Fun, Health-conscious Home Project for the Entire Family Whether you are hunting for a project that will pry the kids away from their phones or you just want a head