An organization that oversees the maintenance and management of common facilities and areas -- such as landscaping, pools, exterior walls and fences -- in townhouse, condominium and other so-called common-interest developments.
Buyers considering a common-interest development should always scrutinize the association's reserve audit and the past 12 months of board minutes, both of which should indicate anticipated repairs and whether there are adequate funds in the reserves to pay for them.
Don't buy a house/condo in a subdivision that has a Homeowners Assc.
Interesting article -- thanks for the post.
I think the main objection here is that some "association" is deciding how to spend the "dues" for the "greater good". When a person "owns" property, they don't have to worry about such things. When they buy into one of these communist organizations, then they must abide by the terms of the contract.
I nearly bought a place 10 years ago that was one of 3 units on a lot with a shared driveway. Everything else was perfect but for me, the shared driveway was a deal killer. I ended up with a standalone SFR and have never once regretted it.
"Unfair" is a word that should be put on Humpty Dumpty's flexible language list. It means whatever you choose it to mean. If you buy a condo, house, or duplex in perfect condition, you will most likely pay more money. If you buy a structure that needs repairs, you should get a discount for purchasing a building in less than perfect condition, but SHOULD expect to be out of money in the near future to make those repairs.
If you overpayed for something because you didn't research or have a building inspector, well, guess who's fault that was? Condo owners should also be aware that they're basically joining another government, and this government will frequently affect them far more personally than the city, state or feds.
Oh, tell me his condo hasn't gone up in value at least that amount since he bought it -- especially after the repairs.
Never buy anyplace where there is a homeowners association. They always attract power hungry types who want to control other people to run for office. There's no end to the number of ways they can cook up to spend your money and make your life miserable.