Wednesday, June 25, 2014

Is an HOA for you?

So you want to buy a house?  Wonderful!  Planting a garden, sitting out in your yard, picking out paint colors, and having a place to call your own.  All wonderful things!  But sometimes we forget about the not so fun parts of home ownership.  Being a homeowner is a big undertaking.  When the roof is leaking there is no landlord to call...its now up to you!  The cost and responsibility shift can be a drastic one from those previously renting.

But worry not.  There is a great middle ground for those of us who are ready to own, but aren't quite ready to the weekends of lawn mowing and gutter cleaning.  That middle ground is purchasing a home with an HOA.

HOAs, or Homeowner's Associations, are also known as Common Interest Communities.  These are governing body that manage and care for a housing development.  Most properties with HOAs are condos and town homes but some single family housing developments also have HOAs.  HOAs are perfect for many first time homebuyers, older citizen, or those who just don't want to deal with much home maintenance.  The HOA often takes care of the grounds of the property, common interest items such as the roof and exterior of structure of the development, and the financials of the development.  But all of this freedom comes with a cost.  In addition to your mortgage, you will pay a small fee (in Denver typically $100-400) each month to the HOA.

And an HOA is not for everyone.  The HOA will enforce strict rules on what you can or can't do with or to your home.  So if you are ready to buy a home, but not ready to give up those weekends in the mountains, and HOA might be for you!

Please contact Jenna Hamel at Dwell Denver Real Estate with any questions or Denver real estate needs:

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