townhome – Gloria Benaroch Sea Bright NJ Broker Associate https://gloribee.com Full-time real estate agent involved in every aspect of the day-to-day real estate market in Monmouth County, Fri, 27 Mar 2009 22:12:00 +0000 en-US hourly 1 https://gloribee.com/wp-content/uploads/2021/02/gloribee-80x80.png townhome – Gloria Benaroch Sea Bright NJ Broker Associate https://gloribee.com 32 32 Buying A Condo or Townhouse in Monmouth County,NJ? https://gloribee.com/buying-a-condo-or-townhouse-in-monmouth-countynj/ https://gloribee.com/buying-a-condo-or-townhouse-in-monmouth-countynj/#respond Fri, 27 Mar 2009 22:12:00 +0000 https://ocean2river.wordpress.com/2009/03/27/buying-a-condo-or-townhouse-in-monmouth-countynj/ […]]]> Buying a condo or townhouse
When purchasing a condo/townhouse consumers need to  evaluate the entire scenario.
Most complexes charge a one time association fee to set up your account. How much is it? A set amount? or a percentage?  Most associations charge a monthly maintenance fee.  
Make sure you get this information from your agent and find out what is included.

What do your monthly dues typically include?

  • Ground maintenance / gardeners
  • Trash pick-up
  • Insurance: How much coverage and what does it cover? Does it include Flood Insurance?
  • Professional management fees
  • Water, Sewer, Cable
  • Pool, spa or fitness centers
  • Roads and sidewalks
  • Assigned parking (and if so, how many spaces?)
  • Docks is there a separate fee for a boat slip?
  • Beach acess, Cabanas
  • Gate access
  • Any assessments due or to come?

How do the fees compare to other condos/townhouses in the area?

Once you make an offer, It is always a good idea to speak with the association yourself You need to assess How Financially Sound the Homeowners Association is.

Try to get copies of:

  • Covenants, Conditions and Restrictions
  • By-Laws and Regulations
  • Meeting Minutes for the last year
  • HOA Financial Statement

This requires hours of reading but it will help you get a handle on what's in store for you.

These documents will tell you about:

  • Special assessments being planned to address deferred maintenance.
  • Capital improvements planned
  • Amount of cash reserves
  • Whether the association is being or has been sued
  • History and likelihood of dues increases

Make every effort to educate yourself so you know what your buying.

]]> https://gloribee.com/buying-a-condo-or-townhouse-in-monmouth-countynj/feed/ 0