Buying a New Home or One in a Development
If the home that you are interested in buying is one within a common-interest or planned community, you are not only buying a property, you are buying into a nonprofit corporation, known in many cases as the homeowners' association or HOA. Your choice, therefore, should go beyond the physical features of the property. You will need to make sure the HOA is well run, imposes rules that you can happily live by, and is not in financial trouble (as most are). Read on for more detailed guidance.