When buying a property there are lots of questions running around in your head. So, this week we have been talking about the Top 14 Questions Every Home Buyer Should Ask.
Today we are going to discuss properties that have Associations and/or Management Companies.
7. Is there a Property Owners Association (POA)?
If the property is part of a Planned Unit Development, Gated Community, or Condo/Townhome, there probably is a POA. If so, you need to know what dues and covenants apply? What are the rules for structure modification or additions? Is RV and boat parking allowed? Can you run a home based business? Is the association functioning in a deficit?
POA’s have their benefits but some times even some faults so learn the rules and regulations before you buy.
8. Are there any pending assessments?
Find out if there are any public works improvements planned that affect real estate taxes, like sidewalk additions. Or if there are improvements planned for the development that may be specially assessed. These are always best to find out up front.
Tomorrow we will be discussing the neighbors and what you need to know about them before you buy.