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Published Date 11/8/2023

. New communities. Gated communities. Master-planned neighborhoods. Whether you’re looking to buy a new construction home (which is very tempting right now because homebuilders are “buying down” interest rates for potential buyers) or one that is already established, consider one additional factor: if there is a homeowners association or HOA. You can stare at a rundown of your principal, interest, taxes, and insurance, but when you figure in HOA fees, that monthly nut can change significantly. CNBC’s Ana Teresa Sola explains that homeowners’ associations are run by community residents elected to be members of the board of directors, which govern the neighborhood by a set of rules and regulations. Homeowners pay the HOA fees to have common areas such as parks, roads and community pools maintained and repaired. “Mandatory membership in an HOA can cost homeowners a pretty penny, with dues as high as $1,000 a month, according to the American National Bank of Texas,” she reports. And if the board is running low on money or didn’t budget things correctly, all they have to do is charge a special assessment. “Unless the association members have 51% of the majority voting power, they can’t outvote a budget,” says HOA fightclub’s Raelene Schifano. “I’ve seen budgets go from $300 a month to $800 a month.” As 84% of newly built single-family homes sold in 2022 belonged to HOAs, per the U.S. Census Bureau, it will be important for prospective buyers to vet these organizations ideally before signing the deed. Reach out for more details! CNBC, TBWS

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