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We own a home but are looking at renting our home out and buying a bigger one. Right now its a buyers market and homes are selling for TONS under their tax value, we dont want to miss out on this opportunity to get a great deal on a house…

I had a question: we found a area (development) that we really like. Currently theres a home (on the lake) that we are interested in. Its under contract though so we arent sure that its a possibility… That said, we LOVE the development its in. And there is some really nice homes in the development still for sale. It has walking trails, a playground, clubhouse, 2 pools, and a lake. I did some research and the HOA fees are only $ 47 a month!!! Does this sound like a good deal? Or is this typical? Also, if the home is on the lake-does this make the home owners insurance higher? The one home the lake was in the back of the house-in the backyard. The other homes its just in the development. THANKS!

3 Thoughts on Does this sound like a great deal? HOA fees?
  1. Reply
    loanmasterone
    May 6, 2013 at 10:33 pm

    Home Owners Association fees are normally based on what the association is required to do and their responsibilities. You should also get a copy of the CC&Rs as well as the associations by-laws to see what role the association would play and the reason for the $ 47.00 per month association fee.

    Insurance is primarily a standard policy for each area to include the cost of replacing the house. There are additional things the home owner might add to the policy such as a reduced deductible, additional insurance for high value items.Some might be required to take out flood insurance where as others might not. You might would want to take out a policy that would pay the mortgage loan off in the event of your death or serious illness. You would have to check with a local home insurance agent to determine the approximate amount of insurance you would have to have as well as the cost of additional coverage you might would want to carry.

    If you would like to live on a lake then this might be an excellent deal for you, some individuals would like to reside near a golf course, therefore your individual taste would determine if this is a neighborhood in which you would like to reside.

    You might ask if the lakes are public lakes and would be over ran on the weekends with fishermen or are they private lakes where only the homeowners have access to them.

    I hope this has been of some benefit to you,good luck.

    “FIGHT ON”

  2. Reply
    the kid
    May 6, 2013 at 11:13 pm

    $ 47 a month is ludicrously cheap.

  3. Reply
    SwingDawg
    May 6, 2013 at 11:29 pm

    Go to http://www.floodsmart.gov If you are in a high risk flood plain, then your bank for the mortgage will most likely require you to take out a flood policy and keep it for as long as you have the loan. It can be quite expensive compared to a standard homeowners policy but is better than loosing everything.

    The HOA fees are pretty low, Im guessing you dont even get lawn maintenance with that. Maybe just a few common areas and a sign at the front.

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