Home Buying in Morrisville>Question Details

Roulette, Both Buyer and Seller in Morrisville, NC

In built up community like Twin Lakes in Morrisville, what happens towards the end of the age of a home?

Asked by Roulette, Morrisville, NC Sat Feb 20, 2010

Especially with townhomes which are generally interconnected? Does the home owners association involve in reconstruction/restoration? so rebuilt or restored homes look similar?

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4
Bo Bromhal’s answer
Roulette-

Many townhouse HOA's cover the cost of roofing and siding in order to maintain and ensure the appearance of the units. The cost is shared among all the owners, and the money is built up over time through "reserves" which are included within the regular monthly dues. If either the cost exceeds the budgeted amount, or the HOA has not gathered sufficient reserves, then there is often an assessment to cover the cost. For an oversimplified example, let's say reserves were $6,000 per unit, but the cost was $7,000. Each unit would be assessed $1,000. This would be payable either as a lump sum, or often over a period of 2-3 years.

For a community like Twin Lakes, this would be many years from now. I have some clients who bought a new townhouse there 2 years ago, and so far they have been pleased with the quality of the construction.
Web Reference: http://www.BoBromhal.com
1 vote Thank Flag Link Sat Feb 20, 2010
Roulette - Typically a structural problem will be the individual owners responsibility. Any rebuilding/restoring will only be done on the exterior or the property and each owner is responsible for the interior of their unit. You may also want to understand that not all properties have a plan for continued improvement. As you can probably see from other complexes some are wonderfully maintained and others have not been kept up with as well. The townhomes that don't have a strong association maintaining these things typically have a harder time holding value. As I mentioned in the post on Zillow you may want to consider the financial situation of the HOA if you are planning to buy a townhome.
0 votes Thank Flag Link Sun Feb 21, 2010
Thanks Bo.

Apart from roofing and siding, what if the homes develop structural issues?
0 votes Thank Flag Link Sat Feb 20, 2010
It really depends on the location and how well the homes have been kept as well. The Wake County area has historicly done well because we are still rated as one of the best places to live.
0 votes Thank Flag Link Sat Feb 20, 2010
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