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Home Buying in Washington Park : Real Estate Advice

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Wed Apr 6, 2011
Barb Johnson Team answered:
In most cases, townhouses, condo's and zerolots have a monthly fee that covers some or all of the following: yard care, snow removal, exterior maintenance, garbage and the maintenance of common areas. Be advised that you will want an accounting of how much money the association has in reserve. If the funds are low and a new roof is advised, the cost would be assessed and if the association didn't have the necessary funds to cover the entire cost, the residents could be hit with a "special assessment" to cover the balance. You should ask your agent to obtain a copy of the by-laws. This will outline what is covered by the monthly fees, and get a copy of the most recent budget from the association so that you know how much money is in reserve. ... more
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