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Old 11-08-2012, 11:35 AM
 
2,530 posts, read 4,747,873 times
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Definitely ask neighbors why there are so many units available. My s/d goes through waives. Right now there is only one which is a foreclosure and the bank has not listed it yet.

There are times when we have many but it often is just do to young couples that are upgrading to a larger home to start their family or a professional that got a promotion out of town.

Older homes can have more upcoming maintenance (typically reflected in the price). So if you don't like this stuff stay clear. The only time I have seen anyone move away that was unhappy was they freaked out over the slightest maintenance issue and should have always considered new construction or a condo where it is covered by an association
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Old 11-08-2012, 05:21 PM
 
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Thanks again Lorilove
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Old 11-08-2012, 05:39 PM
 
Location: MMU->ABE->ATL->ASH
9,317 posts, read 20,907,123 times
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Is this part of a condo/townhouse HOA. At its age your need to check the Condo reserves, In the new few years they will need to:
Put new roofs on.
Major upgrades to the pool.
Driveway/parking lot re-top (Paving)

It they have no been building the reserves over the last 15 or so years, you are in for
A. Special Assessments to pay for it
B. Very High dues to pay for it.
C. They wont don't it and the community will fall in to disrepair and you will lose your value.

What is the owner occupy. to renter ratio? Owner that rent out there units don't normal want to put big $'s in to HOA community (many are underwater already).

See if they have done a professional engineering needs study and what the needs will cost.
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Old 11-08-2012, 06:07 PM
 
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Wow, more awesome info...
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Old 11-08-2012, 06:36 PM
 
2,530 posts, read 4,747,873 times
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Quote:
Originally Posted by flyonpa View Post
Is this part of a condo/townhouse HOA. At its age your need to check the Condo reserves, In the new few years they will need to:
Put new roofs on.
Major upgrades to the pool.
Driveway/parking lot re-top (Paving)

It they have no been building the reserves over the last 15 or so years, you are in for
A. Special Assessments to pay for it
B. Very High dues to pay for it.
C. They wont don't it and the community will fall in to disrepair and you will lose your value.
The maintenance issues on an older townhome is not going to be any different than on a SFR. So don't let them scare you off. But you do want to make sure that the Association has been a good steward of the dues to date and that they have adequate reserves. You will also want to find out how many members are past due or quit paying their dues. The problem with "pooled" costs is that if members stop paying the other residents must make up the difference. Your lender is very likely going to ask for this information. I have seen where lenders have rejected lending in s/d where this is a problem which creates a catch 22 in that the sellers can't sell but if they stay they can't pay the dues.
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Old 11-08-2012, 07:04 PM
 
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We are paying cash so there is no lender.
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Old 11-11-2012, 01:21 PM
 
5,633 posts, read 5,316,847 times
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Quote:
Originally Posted by lorilove View Post
I bought a townhouse that was built in the 1980's and have been very happy. Just be aware of what you are getting yourself into as far as what needs to be replaced when. We don't have a HOA so it is no difference than owning a SFR
I'm curious how this works. Since town homes generally share roofs and walls, all of the owners would have to agree to do whatever maintenance and voluntarily pay towards that. What would you do if your neighbor refused to pay towards a needed roof replacement? Sue? Just curious.
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Old 11-11-2012, 05:28 PM
 
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Quote:
Originally Posted by samiwas1 View Post
I'm curious how this works. Since town homes generally share roofs and walls, all of the owners would have to agree to do whatever maintenance and voluntarily pay towards that. What would you do if your neighbor refused to pay towards a needed roof replacement? Sue? Just curious.
Our roof lines are distinct The only thing that we share is a common wall between each unit. As for painting, those of us with end units have a big end wall to paint but there is no confusion as to who owns that wall and whose responsibility it is.

We have small common area at the front entrance with a sign and have been able to maintain that with volunteers and annual maintenance donations.

We are basically the same as a zero lot line home except for the common fire wall which keeps the lot small.

The only real issue that could develop is someone with an end unit could build a fence blocking someone in the middle with easy access to their backyard. I have not heard of any problems with this. I have always allowed my neighbor to freely walk through my backyard but to date I have always had nice neighbors.
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Old 11-11-2012, 08:12 PM
 
2,685 posts, read 6,024,939 times
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Yep. Basic HOA rules, you owe the money and must pay. If not a lien can be placed on your house and you can't sell until it is paid and in some cases services can be stopped.

Quote:
Originally Posted by samiwas1 View Post
I'm curious how this works. Since town homes generally share roofs and walls, all of the owners would have to agree to do whatever maintenance and voluntarily pay towards that. What would you do if your neighbor refused to pay towards a needed roof replacement? Sue? Just curious.
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Old 11-11-2012, 08:32 PM
 
Location: Mableton, GA USA (NW Atlanta suburb, 4 miles OTP)
11,334 posts, read 25,979,102 times
Reputation: 3990
Quote:
Originally Posted by noah View Post
Yep. Basic HOA rules, you owe the money and must pay. If not a lien can be placed on your house and you can't sell until it is paid and in some cases services can be stopped.
That wouldn't apply if there was no HOA, which was the context of the question.
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