My hubby and I bought a condo a few months ago in Middletown, Ohio. Across the street there is an elementary school. They are getting ready to tear it down and build a new one. It is rumored that when that happens they will be tearing down the government housing located nearby also. The HOA is planning to make this a gated community before the completion on the new school. Will any of this effect my home value?
2006-07-24 05:59:25 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
My HOA is in good shape. My fees are 106 a month which includes trash and water along with the traditional landscape and minor repairs(including shed and fences). They just did roofing repairs so the fees went up 25 a month for a year. Ours fee is still the regular 106 because the previous trust paid off the roof assessment. We have 190 condos in our complex. I just attended the HOA monthly meeting. The association takes a portion of all dues and puts it into an emegency fund. If major emergency repairs need done they try to take at least half of the cost out of that fund so that the owners are not faced with a large assessment. I am sure my spelling is off but they dont give me the option of spell check when adding info.
2006-07-24 08:28:06 · update #1
I am familiar with the Middletown, Ohio area. A lot depends on the future economic development of the area. As long as good paying jobs are available, property values should continue to rise. It seems as though the I-75 corridor between Cincinnati and Dayton will soon be one giant metropolitan area.
The HOA will probably initiate a special assessment for the improvements you identify. Be prepared for the expense. It is a good idea to attend the HOA meetings so you can stay appraised of the situation and have your voice heard.
Good luck with your real estate investment.
2006-07-28 10:13:00 · answer #1 · answered by exbuilder 7 · 9⤊ 0⤋
From personal experience, don't worry about the surroundings worry about your HOA. I bought a dream condo, 2 months later my neighborhood was named " Best Suburb Rebuild in USA" by Sunset magazine. I have one of the best school districts in the USA, it appeared I had struck gold.
July 1, I got a notice of an emergency assessment for the condo complex. $6000 per unit due AUG 1. My HOA authorized 4 roof leaks to be repaired for a cost of $250,000. As it is we all need new roofs, but we don't have the money for it and the roof assessments were voted down 6 times. Someone got on the board voted for roof leaks in their unit to be repaired as an emergency and then quit the board. Now they have their place for sale. Guess what out of 48 units 12 are for sale at this moment because the owners know how neglected the units have been. I have paid the most, owe the most, and couldn't sell and break even. Devote your concern to the HOA you live in, not the surrounding improvement that are coming up.
2006-07-24 07:00:13 · answer #2 · answered by Jacque w 3 · 1⤊ 1⤋
From a lending point of view there are further expenditures commonly .25 foundation factors of the non-public loan quantity that needs to be paid in greater that your broking service or lender will possibly not proportion with you. It additionally relies upon if a apartment is way less or greater advantageous than 4 memories. it particularly is the regulation of grant and insist a miles better area is often greater effective yet area area area is best
2016-11-02 21:50:08 · answer #3 · answered by ? 4 · 0⤊ 0⤋