Homeowners & Condo Associations

The governing body for homes.

Their Duties
What exactly do they do?

Residential communities often form associations to care for common areas within the community and to govern aesthetic concerns within the neighborhood. They often have monthly fees that are assessed on your home. The services provided by homeowners and condo associations vary from community to community. Be sure to read the fine print in the association rules. Some offer trash, recycling and snow removal as part of your monthly fee. Others charge extra for these services. Some prohibit parking trucks, boats and trailers in front of your home. Others dictate your landscaping. You need to be sure that you can abide by the rules of the neighborhood you are considering living in.

Include It in Your Mortgage
They aren't free.

You also need to know that the amount of the association fees will be added into your monthly living expenses when looking for a mortgage. Living in an area with an association will cost you. A higher fee for a community that provides a wide range of services from trash to gardening may decrease your loan amount significantly. Be aware of the consequences of choosing one type of home versus another.

Calculate how much condo you can afford.

But Do You Know What You Want?

That's the next step.

Page 5 of 9