HOA fees are typically monthly but it can depend on whether it is in a condo association or a PUD of single family homes. In a condo association the fee covers a variety of things, such as lawn care, landscaping, trash removal, snow plowing, and insurance on common areas of land. They are often quite a bit higher if there is a pool or club house. In some Associations that fee can also cover water/sewer, even hot water & heat. Some of the fee is usually placed into budget and reserves for maintenance and improvements to the buildings, like new roofs, decks, exterior painting etc. In a PUD (Planned Urban Development) or PRD (Planned Residential Development) the HOA can be yearly, biennially or even quarterly, and it typically covers the plowing of roads and the insurance on any common areas of land around the Development of single family homes. Once again, depending on the Association there can be a water/sewer fee coverage if there is a common system that ties into the municipal system. It is very important that you receive and then review all condo documents and ask to receive the Association Budget and Reserves so you can determine if it is financially healthy should problems arise and you are living there or there could be a need for a special assessment, which is a cost that arises every now and then to which each owner must contribute in order to fix the issue.... more
A detached condo, could be a small number of single family homes, or townhomes, that are held in "condo" style of ownership. Meaning you pay an assessment monthly for maintenance of all "common areas" (which in this case would likely be land, and potentially exteriors of the buildings [ie: roofs, brick, landscaping], and the association might own the land.
It all depends on how the condo documents are written. Make certain to read the condo documents, and understand them clearly before buying. They can vary dramatically.... more
Nobody can know whether a bank would accept an offer lower than asking. Many factors come in to play. If you have no competition and the property has been sitting on the market for a couple of months, then you have a reasonable shot. Depending on how much you like the house, discuss with your Realtor on the price you should offer.... more
I am proud to announce the Sale of one of the most beautiful condexes I have ever sold. I had the pleasure of assisting the Buyer as their Buyer Broker during the transaction of this property in Hudson