Wednesday, April 12, 2017

Tips re Buying a Condo

Buying a condo has many similarities to buying a house, but there is one marked difference: The HOA. Generally speaking, the HOA fee, even one that seems high, can be a great bargain when one compares it to what one spends on similar services for a home and what one saves in not having to incur various home expenses. At the same time, care should be taken to review and understand the terms of the HOA agreement (e.g., requirements for making decisions and changing stuff) and finances (e.g., whether the HOA has a sufficient reserve fund to cover unforeseen maintenance and other such future unbudgeted issues that might arise).

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