Move into a neighborhood that has a great homeowners association (HOA) and you could enjoy years of rising property values. Homeowners associations generally oversee housing in planned development areas. A house that you purchase could be serviced by a HOA if you live in a subdivision, gated community or in a community that leases homes.
Check out homeowners associations before you buy a house
Real estate developers form homeowners associations to oversee houses that are bought and sold in specified jurisdictions. Millions of American homes are managed by a HOA. Rules and monthly HOA fees vary, generally ranging from $100 to $400 a month.As with realtors and home builders, some HOAs are better than others. Here are ways to get the most out of homeowners associations.
- Look over the interior and exterior of houses you're considering buying. Is the lawn neatly trimmed? If the house is painted,is the paint chipped? Notice if there are holes in the ground or if the yard is full of weeds.
- Walk around the neighborhood. You have nothing to lose by getting out of your car and walking around a good neighborhood that you're thinking of buying a house in. Pay attention to fences, sidewalks and driveways. A good HOA will ensure that fences, sidewalks and driveways are in good condition.
- Visit community amenities like picnic areas,community swimming pools and entertainment centers. These areas should be secure. It's better if they are managed by a volunteer or HOA employee who works onsite.
- Find out the types and percentage of services that HOA fees are spent on. Generally, a good HOA will invest a portion of fees into savings. More than 70 percent of the HOA will also be funded. An under-funded HOA may lack the financial resources to properly care for your house and other properties in the neighborhood.
- Meet with someone from the HOA and ask about rules and restrictions. Consider buying a house in another neighborhood if you strongly disagree with one or more of the HOAs rules. Remember, there are many HOAs in the country.
- Ask the HOA when the last repairs or upgrades were made in the community. Find out what specific types of repairs or upgrades were made.
- Get a copy of the minutes from two to three HOA meetings. Confirm that HOAs followed through on action items noted in the minutes. You want to buy a house that's located in a community that's managed by a responsive, well funded and progressive HOA.
- Find out if the HOA has had any claims against it. Also, find out if the HOA is in compliance with local and state regulations.
Homeowners associations could make buying a home in a subdivision or another community under development rewarding. To get the most from homeowners associations,research the HOAs' rules before you sign a mortgage. Also, research the entire neighborhood to see how well the HOA is doing its job. With research and the right questions, your relationship with a HOA could extend far beyond paying your monthly HOA fees.
When you decide to sell your home, there’s a long list of things that you’ll need to do from finding a real estate agent to making repairs around the home. It’s nice to have a to-do list handy to help you figure out what you need to do and when throughout the course of the sale of your home.
Find Out The Estimated Value Of Your Home
You should do a quick search online to see what your property is valued at. Some websites even have the number of views that your property has gotten over its lifetime on the site. This will give you an idea of how much you might get for the sale of your home as well as how much interest there may be in buying the home to begin with. If you see what your, home has listed in a basic online search, you’ll be able to tell what needs to be updated when the home is actually listed by your realtor.
Get Things Fixed
If there have been issues in the home, you should work on getting them fixed. You’ll also need to know what has happened in the home over the years in order to put together a proper disclosure. Has the basement flooded? Did you face an electrical fire? All of these problems need to be listed. You can also disclose what you did to remedy the issues. The buyer has a right to know and understand that they are moving in under good conditions.
Learn About Potential Real Estate Agents
It’s so important to hire the right agent when you’re selling your home. You are getting a return on your initial investment, so you want it to be a good one! You’ll also want to know that you have someone who will be there to do home showings, process paperwork, and be your advocate throughout the process. You can contact various references that real estate agents provide and ask how they felt about the agent’s work.
Find Out How Your Home Will Be Marketed
In Today’s technology-based world, there are so many ways that a home can be marketed. This includes the use of websites, social media, open houses, video tours, and photos. Your agent should be well-versed in all of these areas, or be able to hire people who do know how to best use these areas of marketing. Every avenue that is used to get buyers for your home is beneficial to you as a seller.
Understanding the process of how a home is sold can help you to be prepared when you’re ready to sell.