Do you pay homeowners association dues??
Does your neighborhood have a homeowners association?
Depending on where you currently live, if it’s a home, townhome, or condo you often pay homeowners association dues or community dues.
If you see a neighbor losing there home because of financial hardship, you want to make sure you contact and attend your next community meeting. The reason why? Unfortunately they are losing there home because they are not making the mortgage payment which means they aren’t going to be paying the community dues or homeowners association dues. If your neighbor is not paying, who is covering there monthly dues?
“Associations often lose six months of dues, sometimes more, from each homeowner who slides into foreclosure or short sale. Budget trouble can hit any community where homes are being lost, whether they’re neighborhoods of detached houses or town houses, or condominium apartment buildings.
When some people don’t pay, of course, the remaining neighbors must spend more to keep things running.” (By Elizabeth Razzi The Washington Post Copyright © 2008 The Seattle Times Company)
You want to make sure your community does not fall behind, especially in a condominium. Most often you have regular weekly maintenance but is there enough money to cover these bills?
The community maintenance maintains property value and attracts new buyers to increase property values. Is there enough money in a reserve account to cover this?
Some communities decide to cut the insurance coverage to reduce costs, but do you still have enough coverage for your valuables?
For piece of mind ask your community president the current status of the neighborhood. You want to make sure you don’t receive an unexpected increase or monthly bill that puts financial stress on yourself.