If you choose to take part, condos can also provide a social aspect that single-family homes don’t. Shared amenities and planned events for neighbors are often appreciated by younger buyers or those who have just moved to town and don’t know many people yet. ...
Figuring out how much of your monthly income should go to a mortgage is key to choosing an affordable home. But as any homeowner can attest, theexpenses of owning and maintaining a homeinclude much more than just the mortgage, such as HOA fees and utility payments. ...
Read through these relevant papers and make sure you’re willing and able to live by them. Research the fees. Every HOA homeowner will need to pay fees. Ask precisely what those fees are and what they do and do not cover. Make sure the HOA is in good financial standing. Ask to see ...
HOA fees also often contribute to the association’s reserve fund which is set aside for major renovation projects or emergency use. In addition to regular fees, HOAs can also impose special assessments on homeowners when the association lacks sufficient reserves to pay for unexpected repairs on co...
One of the things that comes with condo ownership is theHomeowners Association (HOA). It sets out a declaration of covenants, conditions, and restrictions (CC&Rs) that lists things that you, as the condo owner, must comply with in order to live there. If you find that you won't be ab...
And smart financial planning isn’t a set-it-and-forget-it deal; you should be looking at the year’s budget periodically throughout the year. “You should be looking and budgeting all year long,” says Sackstein. “Keep information as you go, and adjust as needed. If it’s August and...
You need to officially call it a purchase agreement. Don’t use “legal-sounding” words to make the purchase seem more official. Use plain language whenever possible. Define ambiguous terms. When in doubt, include the information. It’s always better to overspecify than underspecify. ...
Learn what a homeowners association fee is and what it pays for. Also, find out how to determine if an HOA fee is a good value or an expense you definitely should avoid.
A health insurance premium is the up-front cost you pay, typically on a monthly basis, to maintain your health coverage. Since you pay your premium each month, even if you don't need medical treatment, it may be the number you pay the most attention to when you sign up for your plan...
You will pay closing costs and escrow items at the closing. These fees include property taxes, HOA fees if they apply and utility bills. You will likely need a certified check or cashier’s check for this transaction, or you may be able to wire funds directly from your bank. Personal che...