is there a townhome association fee when u purchase a townhome anybody own a townhome
2007-01-20 14:45:44 · 5 answers · asked by matt12882003 3 in Business & Finance ➔ Renting & Real Estate
Yes, there is a monthly fee. This generally covers outside maintenance ( lawn, snow, watering, fertilizing,etc ) , rubbish, insurance, and a reserve account to be used for future repairs and maintenance ( roof, driveways, etc ). We have 2 townhomes. One runs $150 / month. The other runs $230 / month but includes more maintenance than average.
2007-01-20 14:58:21 · answer #1 · answered by Papa John 6 · 1⤊ 0⤋
It depends.
Some townhomes are owned condominium. If this is the case, you would have an association fee, which will include exterior maintenance, hazard insurance, and, usually, water and trash removal. The association fee would be high.
Other townhomes are owned fee simple. If the townhome is owned fee simple, you may or may not have an association fee. If you do have a fee, it may cover a whole host of things - exterior maintenance, landscaping, water, etc. - or it may cover almost nothing. You would need to find out the specifics from the seller. If the townhome is located in a development that has common areas, then there is an increased chance that there is a high association fee. If each townhome faces a public street, then chances are there is little if any association fee.
I live in a townhome in Atlanta that is in a development wherein ownership is condominium. Our association fee is $175, and it includes hazard insurance, landscaping, water, gate and security lights, swimming pool, professional management, and parking lot upkeep.
2007-01-20 15:21:00 · answer #2 · answered by CJKatl 4 · 0⤊ 0⤋
I work at a property management company and we manage condos & townhomes. There are monthly HOA (Homeowners Association Fees) that you do pay which depending on each property can run you anywhere from $100-$500. Depends on the area and what all it includes.
2007-01-20 15:39:35 · answer #3 · answered by annie001122 2 · 1⤊ 0⤋
What did your friend’s lawyer advise her about the outstanding HOA fees at the closing? In general while a official judicial foreclosure wipes out encumbrances junior to the senior lender, there are always exceptions: Your friends problem lies in the fact the power of the HOA is vested within the deed/title as such the HOA feels its within their power to refuse services until that deed/title is up to date with all fees due and owing So either your friend pays up the dues or retains a lawyer to review the by laws and your state laws to see if she even has an out,
2016-05-24 03:18:20 · answer #4 · answered by ? 4 · 0⤊ 0⤋
A townhome in a development, yes.
A rowhouse or "brownstone" in the city, no.
2007-01-20 14:51:08 · answer #5 · answered by Anonymous · 0⤊ 0⤋