When considering a purchase of a home, townhome, or condominium that is part of a homeowners association (HOA), always consider the costs of the homeowners association annual and special assessments BEFORE you make an offer to buy. These can run into hundreds or even thousands of dollars a month, sometimes as high as the rent of an apartment.
Even if you are informed of the current assessment, these fees can be raised, per the terms of the homeowners association restrictive covenants, bylaws, rules and regulations. Restrictive covenants are documents of public records, and you can obtain the bylaws, rules and regulations from the seller, PRIOR to making an offer. HOA assessments need to be taken into account when negotiating a purchase price.
If you are having a dispute with your homeowners association concerning enforcement of deed restrictions, questionable increases of monthly or yearly assessments, or special assessments, contact the Law Office of Elliott Klein for a consultation.