Barb Szabo's Blog

Buying a Condo or Home with an HOA!

When I first got into real estate you bought either a home or an attached condo...that's it! Over the years this "product" has evolved so now you can purchase:

an attached condo, with or without a basement

a free standing condo, with or without a basement

an attached cluster home, with or without a basement

a free standing cluster home, with or without a basement.

In all cases, there will be an HOA, a.k.a. a homeowner's association. There will be documents that are specific to the HOA that must be adhered to by all owners in the development, so it is IMPERATIVE that you make your offer to purchase contingent upon the review and acceptance of those documents! You can expect to find details on your ownership along with rules and regulations. Some rules might be:

NO sheds,

NO pools, unless inground

NO fences

NO grills

There may also be pet restrictions such as only 1 dog and 1 cat, or 2 dogs, or dogs which do not weigh more than 30 pounds

 

You will also want to find out how "healthy" the hoa is by reviewing a copy of the most current budget and financial statements. There can be several hundred thousand dollars that are being collected and you want to see how that money is being managed!

 

Some of these documents are 2 inches thick but I encourage you to read every word!!

BARB SZABO

Visit Barb's Facebook Fan Page - Become a Fan! View Barb's Profile on Linkedin! Follow Barb on Twitter Barb Szabo E-pro Realtor Cleveland Ohio Homes (RE/MAX Trinity): Real Estate Agent in Cleveland, OH

If you would like to buy or sell a home in the southern communities of Cleveland Ohio, please call me at 440-263-7496, or you may want to visit my website for more specific information on the communities I service: Brecksville Ohio Real Estate, Broadview Heights Ohio Real Estate, North Royalton Ohio Real Estate Independence Ohio Real Estate, Seven Hills Ohio Real Estate, Parma Ohio Real EstateParma Heights Ohio Real Estate and Middleburg Heights Ohio Real Estate.  Information is obtained from Neohrex (Northeast Ohio Real Estate Exchange) and is deemed reliable but not guaranteed and should be independently verified. Properties subject to prior sale, rental, or other status changes. All properties that are advertised as being listed or sold by Barb Szabo are in conjuntion with ReMax Trinity.

Comment balloon 6 commentsBarb Szabo, CRS • February 01 2017 02:22PM
Buying a Condo or Home with an HOA!
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