If you're searching for a home, you may hear a lot about HOA or condo associations, but what do they really mean? Our friends at RE/MAX Ikon break it down in this week's Real Estate Rundown.
An HOA, or homeowner's association, typically deals with covenants and restrictions around the design and aesthetic of your home, such a fence height, paint colors, and home additions. You may find an HOA in a townhome or single family community, and Maryland has both volunteer and mandatory HOAs.
A condo association is similar to an HOA and may also place restrictions on number and weight of pets and other indoor concerns in addition to any property rules.
If there is a condo or HOA fee attached to your property, the seller is required to disclose both the rules of the association as well as any fees paid by the homeowner. Always be sure to check these documents carefully before closing on your new home.
Learn more at the free homebuyers webinar on Saturday, January 15. Register here.