Michele Buckman has put together some videos discussing the current DC market and what the future may hold for the real estate market in the Washington DC area.
Many homes in the Washington DC area may be part of a homeowner's association (HOA). An HOA is a legal entity or organization made up of members who own property within the HOA community. Oftentimes, the HOA officials are elected by the HOA members and community; these officials are responsible for developing and maintaining a budget, approving home and community maintenance and construction, and enforcing and following community regulations and rules. The HOA also collects monthly dues from homeowners and can issue fines against homeowners who do not follow HOA regulations.
When buying a house with an HOA, make sure you thoroughly read the HOA manual, rules, and regulations, and make sure you can abide by them in your new home and community. Find out with the monthly dues are and if those dues may increase and the last time dues were raised. You should also be sure that the HOA has a healthy budget and no pending lawsuits. An HOA can be a great asset for your new home, as an HOA protects the property values of homeowners, creates a great community atmosphere, and takes care of such common grounds and facilities as pools, sport courts, and community gathering places.
For more information on the role of an HOA and how to assess an HOA when buying a home, contact Michelle Buckman. Representing W.C. & A.N. Miller and Christie's Great Estates properties in Chevy Chase, Northwest Washington DC, Capitol Hill, and the Trinidad neighborhood, Michelle works with a full range of clients, notably first-time homebuyers.