Buyer Beware: When buying in an HOA, here are things to consider
By Robert Rauf
(HomeBridge Financial Services (NJ))
As I came up with the idea for this post, and started to put it together I realize it sounds like I am anti Association...That is not true, but there are things to be aware of when purchasing a home the is in an association.Beyond some of the obvious items that include rules you must abide by, assigned parking, and use of your property there are some less obvious things that you need to consider when buying. Hidden Fees: While not actually hidden, they are more of an "unknown" you need to ask about. Most associations have fees to join. The most common one is a Capital Contribution which can range from a few hundred to a few thousand dollars. While this can be painful when you buy, as an owner they will help to keep the association healthy in the future. In addition, if you are buying a ...
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