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The Purchase Of Attached
Housing
Townhouses, condominiums and coach homes are all examples of attached
housing versus single-family, stand alone detached houses. The actual
purchase of the two is similar; however, there is much more
interdependence between owners of attached homes. As such there are
governing bodies known as “Associations” that dictate the rules and
regulations for these homes. Monthly fees are collected by the
association to cover common insurance, exterior building maintenance,
lawn care and snow removal. Some association fees will cover indoor or
outdoor swimming pools and tennis courts. Often there is a hospitality
room available for the homeowners’ use. Other amenities could include a
doorperson, complete health club, restaurants and stores in the building
complex. When purchasing attached housing, the required monthly
association fee is a major consideration in the decision to buy. The fee
could be as low as $75 upwards to $700 per month above and beyond
principal, interest, taxes and insurance. Additionally, a buyer must
investigate to learn if the development is well-run and solvent—with
cash reserves on hand to do unexpected and routine repairs. If cash
reserves are low, the homeowner could receive a “Special Assessment” in
addition to the regular monthly assessment if the buildings need new
roofing, siding, etc. In this suburban market, those homes with higher
monthly association fees usually take longer to sell than those with
more conservative numbers. Nevertheless, these fees are present with all
attached homes and usually rise modestly every few years.
Lauri
Rosenbloom | 847-989-7740 |
www.laurirosenbloom.com
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