The governing body for
Their Duties What exactly do they do?
communities often form associations to care for common areas within the community
and to govern aesthetic concerns within the neighborhood. They often have monthly
fees that are assessed on your home. The services provided by homeowners and condo
associations vary from community to community. Be sure to read the fine print
in the association rules. Some offer trash, recycling and snow removal as part
of your monthly fee. Others charge extra for these services. Some prohibit parking
trucks, boats and trailers in front of your home. Others dictate your landscaping.
You need to be sure that you can abide by the rules of the neighborhood you are
considering living in.
Include It in Your Mortgage They aren't free.
You also need to know that the amount of the association fees will be added into
your monthly living expenses when looking for a mortgage. Living in an area with
an association will cost you. A higher fee for a community that provides a wide
range of services from trash to gardening may decrease your loan amount significantly.
Be aware of the consequences of choosing one type of home versus another.
Calculate how much condo you can afford.
Do You Know What You Want?
That's the next step.
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