Q & A: Condominiums & Townhomes

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  1. How can I learn more about a community’s HOA?
  2. How do you choose between condos and single-family homes?
  3. What does it mean when a home is a part of a homeowners association?

How can I learn more about a community’s HOA?

Since each community will have different homeowner association (HOA) rules, regulations and fees, you should contact the HOA directly to learn more about their practices. In order to prevent the surprise of unknown fees or regulations, contact the HOA board prior to placing an offer or purchasing a home.

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How do you choose between condos and single-family homes?

When deciding whether to buy a condo or a single-family home, a buyer should consider both their personal needs as well as their real estate market. The condo market is different for each city, and therefore where the buyer will be purchasing their home is a huge consideration. For example, if a buyer is moving to a city such as New York or downtown Chicago, condos dominate the real estate market. But, in suburban areas and smaller sized cities, single-family homes are more popular. Also, buyers need to keep in mind their lifestyle when deciding between the two. A condo is great for those not interested in the maintenance and upkeep of a home, but it also has its draw backs, such as high HOA fees. Your real estate agent can advise you on your local condo market and help you decide if a condo is a good fit for you and your family.

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What does it mean when a home is a part of a homeowners association?

A Homeowners Association (HOA) is an organization that manages, directs and/or supervises a residential community. HOAs are found in condominium communities, town home communities, as well as neighborhoods. An HOA will set and enforce the rules and stipulations of the community. In addition, HOAs are often responsible for the maintenance and upkeep of the grounds and common space. Each HOA has different memberships regulations and fees, and therefore buyers should carefully research such stipulations prior to purchasing a home within an HOA community.

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