(954) 543-5596 (954) 543-5596

What is a Homeowner’s Association and How does it Affect your Condo?

April 19, 2019 3:54 pm  /  Uncategorized

One
of the biggest benefits of purchasing a family home in a
planned community like Botaniko Weston is
that a large part of the responsibility for maintaining the
great physical condition of your home and its surrounding is
delegated to another party.

Planned
Communities like Botaniko Weston also
have communal areas that are shared amongst its residents. Some
of these communal areas include the expertly manicured grounds
and sculptured lawns. So when you reside here you get to
enjoy the wonderful outdoor experience without having to
worry about taking out your lawn mower to trim the lawn.

So
whether you are residing in the Oppenheim or Matteu residences,
in Botaniko Weston you
will get to enjoy the swimming pools, clubhouses, and other
amenities.

These
amenities and the maintenance of your surroundings are
carried out through the monthly fees paid by residents to their
homeowner Association, HOA.

So
when you move into a planned community there’s a very high
likelihood that as part of your agreement to move there you
will need to join the community’s HOA and pay the HOA
fees so that this association can facilitate the upkeep of the
communal areas, the shared structures, and building
exteriors.

Membership
to a HOA also binds you to the association’s conditions
and restrictions. The HOA might have standards on the appearance
of each individual housing family unit in the community.

They
may have restrictions on say the allowable modification of
the exterior of the units within the community, that is to
say they may have certain conditions for the exterior
appearance of the houses like the colors you can paint your unit’s
exterior.

So
in many instances you will find that housing units within a planned 
community like Botaniko Weston  all
seem to appear very homogeneous.

Many
of the conditions of an HOA are put in place to enable
peaceful coexistence between residents. They include
conditions that prevent one resident’s activities from
interfering with the lives of the other residents. They also
include dispute resolution mechanisms for resolving issues that
may arise between residents.

Before
joining a planned development with a HOA there might be some
questions you need to ask as part of your due diligence.

The
HOA fees

Enquire
about the HOA fees from the property listing and find out
how much it is and obtain the history of the HOA fees which
includes how they have been rising over the years.

What
do you get for the fees?

When
purchasing a family home in Botaniko Weston, as
part of a planned community, you are not only purchasing a
physical living space but also the rights and obligations that
come with purchasing that physical space. So you need to be
aware of the services and amenities that being part of the HOA
affords you.

You
need to understand what your responsibilities are to the
community and what’s the HOA’s responsibilities to you
are.

What
are the services covered by your monthly fees and how it will
affect your monthly budget. Get a precise listing of the
utilities that will be covered by your dues. For example if
water and sewerage utilities are included then you don’t have to
plan and budget for them separately.

Do
the fees cover what you really need?

Different
HOAs for different planned Communities offer different
services and amenities. So you might find a community with
a lot of emphasis on fitness facilities like state-of-the-art
gymnasiums Pilates and yoga Studios and club houses with
state-of-the-art multimedia facilities.

The
HOA in this planned community will charge all residents for
these facilities. So unfortunately, if these facilities are
not important to you or don’t fit into your lifestyle you will
definitely not be getting value for your money because you will not
be utilizing them.

So
it is important to join a HOA that provides services and
amenities that you actually need or enjoy.

Compare
the HOA fees with that of other developments

Shopping
around and comparing different developments is part of the due
diligence. Make a list of all the included amenities and
utilities provided by the various HOAs. One of the best
sources of getting information on HOAs at Botaniko Weston would
be to contact a professional real estate broker.

How
the HOA fees factor into your mortgage

Part
of the mortgage approval process is evaluating the
potential borrower’s financial health. The HOA fees are
considered as an expenditure that affects your
debt-to-income ratio. So mortgage lenders will consider the
monthly HOA fees when deciding how much of a mortgage you can
actually afford.

So
higher HOA fees will definitely leave you with a lower approved
amount to spend purchasing a home at a planned community
like Botaniko Weston. 

Meta
description

The luxury units at Botaniko Weston are
selling fast. Contact
us today.