Im looking at purchasing a condo , What does it mean when the HOA is paid for the one year?

Question

Ive always owned my own home. Which I will be using my profit from the house to pay for the condo.

Answer 1

It means, in practical terms, you better ask for the Homeowner Association Bylaws before you sign the contract.  It is a different dance than when you own your home.  You will have to abide by the rules in the HOA (Home Owner Association) whether you like it or not.

So, first:

1. Find out what your monthly HOA fees are.  You will have to include that as part of your monthly budgeting for the first year.

2.  Ask for copies of the HOA bylaws, these is going to be your "law" forget about what you know about the laws of your state.  You are entering into a contract which will govern what you can and cannot do.

3. Ask around about the HOA Board.  If you are lucky it is composed of fairminded homeowners (HOA Directors are a voluntary position).  If you are unlucky, the board will be composed of homeowners which have become a bit powerhungry with the dictatorial powers most HOA bylaws allow them.

I have had my shares of issues, which I document at my website www.sunsetlakesowner.com

Good luck.  I don't mind living in an HOA, but vigilance must be exercised to insure the Board in power is kept in check and operating within the law of the land.

Answer 2

that means you will have no association fee for one year.

Answer 3

We too always owned  our own home, then bought a condo. Worst move ever. You have people with nothing better to do then watch every move you make and turn you in to the hoa. I sat on my deck at 2:00am with a cup of coffee and got turned in. The HOA fees are ridiculous, please rethink this move. You are not used to people telling you how you have to live and  in these condos they love telling you what to do......We  moved back into a house and will never ever pay HOA fees or have people dictate us again. Good Luck.

Answer 4

It means the Home Owners Association has been paid for the year.   Some places require you to be a member of the Home Owner's Association to pay for general maintence and etc.

Answer 5

H(ome) O(wners) A(ssociation)

And you will have dues weither you rent or buy....

Answer 6

Home Owner Association Fees which  are usually around 200-300 dollars per month are going to be paid for the first year.

Answer 7

HOA is the home owners association...which means that there are rules and restrictions you must follow...(i.e. don't hang towels off your balcony) and yearly fees...i would assume that it means it is paid for through your first year, but then after that you must pay...ask your agent...

Answer 8

HOA = homeowner's association.  they paid the fees for you up front apparently. rejoice!  they're usually not cheap!

Answer 9

HOA (homeowners associations) are a self insuring group.. .they pay for the upkeep of the general areas of the complex.... In the case of a condo, they also pay for the major repairs to the unit that your personal homeowners insurance doesnt (roof, structure, parking, etc)... the dues being paid for one year means that for the 1st year of residency you dont have to contribute to the HOA kitty...

Answer 10

Home Ownwer's Association due - could be up to about $3,200.00 a year- find out what they charge and keep comparing it as a part of the whole package.

Don't forget you should be able to claim property taxes on the "common" areas there.

Answer 11

Some condo developers (sellers) pay the first full year of your month HOA dues as a sales incentive.  After the year is up, you'll be responsible for monthly payments.  Sometimes in the closing you will receive credit against what you owe at closing for the amount the Seller would pay for the year (and then you'd have to pay monthly with the money you were credited in the closing)...it all depends on how the sales contract is written or the local practices.

Answer 12

home owners association fees

Answer 13

HOA is Home owners Association. and there is usually a fee with that the generally is paid once a yr. The amount may be pro-rate the amount according to the time of sale. Good luck

Realtor in Montana

Answer 14

Home Owners Association fees are usually not that high.  They should not be more than $150 max.  Any higher than that and you should check into why they are more expensive.  A lot of times the higher fees are because of loans they had to take out to make necessary repairs.  The fees should go back down once that is done, but a lot of times they don't so it is something to keep in mind and be aware of.  Personally, I despise HOA's because I do not need some busybody butting their nose into how I live and telling me what I can and can not do to my own home.  I keep my house very neet and orderly and do not want some jacka** telling me how I should be doing it instead.  If you were buying a house I would say ruuuuuuuun.  However, you pretty much have no choice with a  condo so good luck.  I would stay inthe house if I were you.

Answer 15

What they all said...but you should ask what the monthly fee will be after the first year.  You don't want to find out that they are going to be hundreds of dollars if you weren't planning on that.  A $1200/mo payment this year may be ok, but add up to $500/mo to that and you may be priced right out of your new condo.

Answer 16

This means that Home Owners Association dues will be paid for a year. When it comes to condos,  dues cover general maintenance to the outside of the building, landscaping, in some cases it even covers your water and cable bills.

Make sure that you know what the rates are so you don't get surprised when your first year is up.

These dues are required because you will not actually own the building or the land, just the paint on the walls and the carpet..if that makes any sense to you. If you're working with a good real estate agent, they should be able to explain it to you.

Answer 17

When you live in a condo, you usually have to pay monthly maintenance used to help cover the cost of lawn care, sometimes trash and water, and sometimes special assessments that go into a fund in case outdoor maintenance to the structure needs repair... roof, gutters etc. When they said the HOA is paid for a year, it is probably an incentive knowing you wont have to pay the usual $150-300. (minimum) dollars per month for the usual monthly dues.

Answer 18

It means that you do not have to pay the complex's monthly fees. These fees usually include landscaping, trash pick up , snow removal, master homeowner insurance, etc.  That is a pretty good deal.  It can save you $100 to $400 dollars a month.

Answer 19

HOA is the home owners association, a.k.a. the neighborhood n***s. My advice, don't buy! I hate HOA's in case you can't tell, LOL.