Homeowner’s fees apply to a large majority of communities in Naples and Bonita Springs FL. Many of these communities have seen homes go to foreclosure which means that the dues are left unpaid. This causes the residents to have to bear the unpaid cost creating an increase in HOA dues or even a special assessment on the community.
On the flipside, prices are low. And for the brave home buyer, there are bargains out there. The trick is looking closely at the homeowner association’s health. Buyers need to question the association board about dues payments, and have their inspectors examine common elements before committing to a purchase. It’s also important to review the financial documents that every buyer has a right to inspect before closing.
Points to consider about the HOA before purchasing:
Make sure you get all the documents, and have sufficient time to look them over, Check the financial statement, Review the reserve study, See what percentage of reserve funds has been raised.
Source:http://online.wsj.com/article/SB10001424052748704322004574475640874117808.html
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