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HOA Fees and Assessments
Condos and townhomes are a popular option for many South Orange NJ real estate buyers. The lure of low maintenance draws both retirees and young professionals alike. While the home owner is only responsible for the unit ��from the paint in�� there is still work to be done from the paint out. This is where the Home Owners Association takes over. ,[link widoczny dla zalogowanych]
The HOA for a condo is responsible for maintaining the common areas like hallways, amenities and the exterior of the building. Any outdoor spaces are likewise care for by the HOA. Each condo owner pays monthly dues to the HOA so that there is a common fund to pay for this care and upkeep. The more amenities the Glen Ridge NJ real estate property offers, the higher the fees will be.
The HOA is typically comprised of residents who are elected by the owners to serve on a board. This board is in charge of setting rules, colleting dues and managing the finances. The individuals on the board may be good at financial planning and they may not.
In the best case scenario,[link widoczny dla zalogowanych], the dues are low enough to keep your Montclair NJ real estate purchase affordable but high enough to cover all the costs. These dues can be raised if the board approves it. It is also possible for an HOA to go ��broke�� if the funds are mismanaged or if there are unforeseen problems. An HOA can run at a deficit if the dues are just not sufficient to cover costs or if a significant problem arises.
For example, say a new building has been turned over to the HOA by the developer with 30% of the units unsold. (Developers routinely turn over projects at less than 100% occupancy. ) The dues were likely calculated assuming 100% occupancy. If those units remain on the market for an extended period of time,[link widoczny dla zalogowanych], the HOA may have to run at a deficit until the units are sold. The HOA due may be temporarily raised to ensure services are not interrupted.
Another example would be an assessment. Many condo owners in the West Orange NJ real estate area shudder at this word. An assessment is usually a one-time cost charged to all the building��s residents to pay for something outside of the usual upkeep. When the structure is damaged by a storm or if the parking deck foundation fails the HOA will divide the cost of repairs amongst the owners.
Investigate the HOA before you buy into a building. Make sure it is in stable financial condition and that it makes sound financial decisions. Ask for a copy of meeting minutes and talk to the residents to be sure you are buying into a responsible HOA. Mailing Address: Sam JosephReMax Village Square9 Sloan StreetSouth Orange,[link widoczny dla zalogowanych], NJ 07079917-359-8990http: //www. samjosephrealtor. com.Topics related articles：

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