Tehama Country Real Estate

Tehama Country Real Estate – 3 WHATHAT ISA CONDOSA CONDO HOA, AND WHATHAT D O ET FOR THE uying a condo is a great way to save some dough on a new home purchase. Condos are generally priced well below single family homes and require minimal upkeep and reaching into your wallet. Spa- cious and nearly maintenance free, a condo lifestyle may be the right choice for many first-time buyers or those who enjoy care- free living. However, living in a condo means that the resident agrees to live by the rules, terms and con- ditions set forth by the homeown- er's association (HOA). A docu- ment of terms and conditions must be reviewed, and a monthly HOA fee is required to ensure smooth sailing in the condo com- munity. B How Much are HOA Fees? The amount that a condo resi- dent pays for monthly HOA fees will vary according to many fac- tors. Condos that are chock full of amenities such as swimming pools, tennis courts and a golf course will charge a higher monthly fee for maintenance. Condo units that do not offer recreation and activities to their residents tend to require a lower monthly fee applied to the basics such as painting, landscaping and home repairs. Before purchasing a piece of property, be sure you are able to handle the additional HOA fees along with your mortgage pay- ment. In contrast to owning a single family residence, the yearly cost of condo ownership should be less when you factor in the low property taxes for the unit. When you do the math, be sure to get a yearly total for what you are responsible for, then break that number down into a 12-month period. Who Sets the HOA Fees? The HOAfees are usually decid- ed by a board of directors for a single condo community or a AND O I GET FOR THE F EESEES? multiple property chain. In some cases, the board may consist of the property residents who have a voice and say over how much they should pay. The fees factor in monthly services such as trash collection, plumb- ing costs and reasonable other mandatory services to make life easier for the residents. The fees may be adjusted annu- ally as the cost of living increases or remain at the same dollar amount that you initially agreed upon. However, the HOA fees rarely go downward, so it is essential that the monthly fee fit with your overall budget for lifestyle and housing. HOA Restrictions In addition to paying a monthly fee, prospective buyers must also read the HOA terms and condi- tions and be in agreement with the community rules. There may be pet restrictions decided by the number of ani- mals in the home or by their height and weight limitations. In addition, HOA rules in a senior community may have restrictions with children staying overnight or keeping a house guest under the age of 55 for a long-term stay. The HOA rules must be obeyed, so if a certain cri- teria does not fit with your lifestyle, you may wish to start your condo search anew. Buying a condo has many advantages to include the sense of security that they provide. You may choose a gated community that requires a key or code for entry or pay a premium HOA fee for a complex providing a guard- ed gate with a security officer. Condos that are surrounded by a high block wall tend to deter burglary and limit the pillage to what can be carried over the wall. For some savvy home buyers, this feature is worth its weight in gold for peace of mind and a sense that they are well protected within a private community Alex Mason is a former real estate agent and mortgagebroker living in Los Angeles.

• Cover