Posts Tagged ‘Homeowners’

When we asked REALTOR® Elizabeth Blakeslee what exactly a Home Owners Association was her answer was simple: “A system of communal living.”

An HOA can take care of small things, like yard maintenance at your townhome, to big things, like paying for your subdivision’s pool, or mediating disputes between neighbors. And while we’ve heard horror stories about overzealous HOAs, they are a good thing. Without them, you might wake up one morning to find your neighbor’s house painted purple!

Elizabeth says that if you’re buying a home and are concerned about restrictions, make sure you read the rules! If you’re looking at a home in a neighborhood with an HOA, they are required to give you a list of regulations and fees associated with the group. For example, Elizabeth says in Washington, DC, you’re allowed three business days. Take a close look at their budget, as well, to see what they spend your money on. If you don’t like it, or don’t like the rules associated with it, look elsewhere for a home.

Every association has a different level of governing depending on where you are. Some associations in subdivisions watch over everything from how you mow your lawn to the color of your home to the height of your fence. They also take care of common areas, including playgrounds, tennis courts and pools. Smaller communities generally have less oversight. Elizabeth also notes that the more there is in your community, the higher your HOA fees are likely to be. Make sure you take that into account when you’re shopping for a home!

Elizabeth Blakeslee is NAR’s 2008 Regional Vice-President for the Mid-Atlantic Area, and a REALTOR® with Coldwell Banker Residential Brokerage in Washington, D.C.

Going forward, the $8000 tax credit will be available at the settlement table, instead of after closing, for all FHA loans. It’s a bold step that could very well help jump start housing markets all across the nation. Following up on many state programs, first time homebuyers and buyers who have not owned a home in the last three years, will now have $8000 available up-front for their down payment, and for closing costs, if they get an FHA mortgage, rather than having to wait until they file their taxes.

The U.S. Secretary of Housing and Urban Development talked exclusively to Real Estate Today minutes after the announcement.

Click here to listen to NAR’s Talk Radio Director Stephen Gasque interview the Secretary.