Denver Real Estate, Denver Real Estate for Sale Colorado Elite Listing Services
  • HOME
  • SELLERS
    • 10 TIPS FOR HOME SELLERS
    • FREE HOME VALUE
    • How to Sell Your Home at the Highest Possible Price
    • Short Sale Your Home
    • Short Sale Process
  • BUYERS
    • Qualify for a home
    • FEATURED NEIGHBORHOODS >
      • Arvada
      • Brighton
      • Cherry Creek
      • Harvey Park
      • Highlands
      • Lodo
      • Stapleton
      • Sunnyside/Sherrelwood
      • Thornton/Northglenn
      • REUNION/COMMERCE CITY
      • Westminster
    • Credit Tricks
    • Down Payment Assistance
    • First time homebuyers tips
  • SEARCH
    • FEATURED LISTINGS
  • OUR TEAM
    • Resource Page
    • Debbie Calvin
    • Tyler Curtis
    • Vanessa Easley
    • Melissa Helguero
    • Laura Mendoza
    • Celina Quinones
    • Joseph Quinones
    • Mary Sullivan
    • Daisi Trujillo
    • Join Now
    • ABOUT US >
      • BLOG
      • TESTIMONIALS

***BEWARE OF HOA FEES (Condo) ***

2/7/2019

0 Comments

 
As a Realtor it is always important as a Buyer to pay attention to overly high HOA fees. This is be a sign that there is a special assessment that is causing the fee to keep going up.  Pay attention if the HOA is over $280 no matter what. You’re right to take homeowner’s association fees into account when buying a property. They represent the ongoing obligation you’ll have as an owner to pitch in on the costs of building and maintaining common areas and in some cases parts of your own property, such as a shared roof or walls.
The possibility exists that these fees will rise. The trouble is, that possibility exists whether the fees are high now or not. In fact, unusually low fees are sometimes a sign that the association hasn’t been able to talk the owners into paying for needed maintenance, repairs, and improvements. The day will come when they can’t put this off any longer, and you may have to pay some whopping special assessments along with the usual fees. 
Too-high fees can also be a problem, of course, particularly if they exceed some owners’ ability to pay, resulting in disputes and foreclosures. 
You’ll definitely want to do more than take the existing monthly fees at face value when considering buying a home in an HOA. Check out:
1. Whether the HOA is embroiled in any financial or legal disputes – or soon to be.  This means they are being sued. Be cautious of this. Check the title work correctly.
2. The dollar amount that the HOA has in reserve (it needs money to draw on if a sudden repair or emergency arises)
3. Under what circumstances the HOA can impose special assessments or other fees, and whether it has done so recently, and
4. The number of owners who are paying the fees that they owe (if more than 15% of them aren’t complying, the HOA may be in trouble already)


0 Comments

    Cels Homes

    Staying up with all the new data that come in can be challenging but that is what we are here for

    Archives

    August 2020
    July 2020
    April 2020
    November 2019
    July 2019
    June 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    October 2018
    September 2018
    March 2018
    January 2016
    March 2015
    February 2015
    November 2014

    Categories

    All

    RSS Feed

Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture

  Call: 303.427.0777

Address: 1499 W 120th Ave Suite 110

​Westminster, CO 80234

Email: admin@celshomes.com
 
                   
                   

  • HOME
  • SELLERS
    • 10 TIPS FOR HOME SELLERS
    • FREE HOME VALUE
    • How to Sell Your Home at the Highest Possible Price
    • Short Sale Your Home
    • Short Sale Process
  • BUYERS
    • Qualify for a home
    • FEATURED NEIGHBORHOODS >
      • Arvada
      • Brighton
      • Cherry Creek
      • Harvey Park
      • Highlands
      • Lodo
      • Stapleton
      • Sunnyside/Sherrelwood
      • Thornton/Northglenn
      • REUNION/COMMERCE CITY
      • Westminster
    • Credit Tricks
    • Down Payment Assistance
    • First time homebuyers tips
  • SEARCH
    • FEATURED LISTINGS
  • OUR TEAM
    • Resource Page
    • Debbie Calvin
    • Tyler Curtis
    • Vanessa Easley
    • Melissa Helguero
    • Laura Mendoza
    • Celina Quinones
    • Joseph Quinones
    • Mary Sullivan
    • Daisi Trujillo
    • Join Now
    • ABOUT US >
      • BLOG
      • TESTIMONIALS