Does anyone know how often the property manager can go up on HOA fees? Also, why is it more difficult to get a mortgage for a manufactured home?

Asked by Marie, Cherry Hill, NJ Sun Apr 27, 2014

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David.26.ross, Home Buyer, Cherry Hill, NJ
Sat May 3, 2014
An HOA must follow strict guidelines which are based upon both state law and the by-laws established by the association. A property manager may not increase fees on their own.
Generally, an board committee, working with the property manager, will develop a budget which is then brought before the board for a vote in public session. Community members are invited to sit in.

If you are looking at fees at a mobile home park, where the land is owned by an individual or a business entity, they may generally raise rates so long as they are in conformance with the rental agreement you have signed. In regard to manufactured homes, they depreciate in the same manner as an automobile.
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Dan Tabit, Agent, Issaquah, WA
Sun Apr 27, 2014
Roxy,
HOA fees are control by the association, either directly or by what the association approves. If you own a unit in the association you are a partial owner of all the common areas. I don't know if the law limits what how much or often things can go up, but your association should have rules indicating what the policy's are to raise them, by how much, how often and what accounting and reporting is required.
Regarding loans on a mobile home, they are considered personal property and not real estate. They depreciate unlike conventional stick built homes despite what the salesperson at the dealerships will tell you.
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