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Monday, November 03, 2014

Home Buyer Tips: It is YOUR ASSOCIATION on the day of closing!

It seems every buyer has an opinion on homeowner associations (HOA).  Some want the rules to make sure things stay pretty much the way the neighborhood looks today.  Some want the freedom to do as they please.

Someone told me long ago that homeowner associations exist to enforce conformity - appearance, landscape, if you can rent, facilities use, vehicles allowed, pets allowed, etc.

The purpose of this post is not to debate the merits of associations but rather to serve as a reminder to home buyers to take the existence of an association serious while performing your due diligence before your closing.
  • Read the association documents.  
  • Review the financial statements.   
  • Discuss issues and concerns with board members and future neighbors.   
  • Review meeting minutes, if possible.  
  • Read the articles of incorporation and by laws, etc.  
  • Pay particular attention to any restrictions on the use of your home.   
  • Know the cost as in current monthly fees and what is included.
  • Find out about any pending special assessments.
Do whatever you must to feel comfortable about the association including consulting an attorney, if desired (I am not an attorney).    

Know the rules before buying in a deed restricted community.  As a homeowner, on the day of closing, it is your association. 

If you are considering buying a home in Viera, Florida give me a call at 321-693-3850 or send me an email if you have any questions.

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