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There are a multitude of things house hunters need to consider before choosing a home, such as price, location, schools, distance to work—the list goes on and on.
Most homebuyers may not think about the costs and rules associated with buying a house that’s part of a homeowners’ association; however, it is an issue they may run across.
For those unfamiliar, a homeowner’s association (HOA) is a legal entity that manages a shared housing complex—that doesn’t just mean a condo or a series of town homes. In some cases, it includes a suburban housing development with shared space or a specific neighborhood.
If a home is part of an HOA, the information should be available right in the MLS. You can always ask your REALTOR® to be sure. The last thing you want is an unexpected fee tied to your home purchase.
Though the costs vary, most HOAs collect monthly dues and the money is earmarked to fund activities or repairs for fellow participants. This could include things like block parties or lawn maintenance.
Keep in mind that you can’t “choose” to be excluded from an HOA. If you buy a home that has one, you’re required to be part of it and pay the dues. The structure of an association can vary, depending on the total number of members, but most have a president, treasurer and some elected board members.
When you’re part of an HOA, there are rules you must follow. And depending on how strict yours is, it can be a pain. For instance, there may be a rule about what color you can paint your door, or the type of mailbox you can have, or even where you must place your garbage pails. If you consistently break the rules, you can be fined or, worse, make enemies with those in the neighborhood.
While there are benefits to buying a home that’s part of an HOA, you should still understand the requirements before deciding to buy.
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While many home insurers pride themselves on their quick response times, companies are often looking for better ways to serve their customers. Drones are now entering the industry as a new way to improve the claim inspection process.
The innovative technology allows these gadgets to fly above a home that has recently had its roof torn apart by high winds, for example, and take photos and videos that can be sent to a claims adjustor’s phone or tablet, making the claims process faster and more efficient.
A drone can be safer than having an inspector climb onto a roof with a ladder, especially for multiple-story buildings or a steep roof that can take more time and requires specialized equipment. Photos can be taken in a few minutes with a drone, cutting the claims process from almost two weeks (depending on the company) to less than a day.
Insurance companies that use drones to inspect damaged homes include Allstate, Farmers, Erie Insurance, Liberty Mutual, Travelers and USAA.
An Allstate executive told NerdWallet that using drones to access spring storm damage claims in 2017 dropped a typical claim from 11 days to four-and-a-half days. The speed of getting a drone in the air was important because roofing contractors are booked quickly after a storm hits, and a faster claims process can lead to a quicker repair. If an Allstate customer wants a traditional inspection or if the drone pictures aren’t good enough, an adjuster will get on the roof.
Farmers Insurance has said that it’s using drones not only to provide faster inspections, but to help reduce safety risks for field adjusters. Farmers is using its own claims professionals instead of third-party drone pilots to operate the machinery. Claim representatives are FAA-licensed drone operators who can fly a drone and file insurance claims for customers. Farmers is concentrating its early drone deployment on areas impacted by hailstorms and other severe weather.
Drones can’t fly near airports and military bases, and insurers are required by law to get customers’ permission to fly drones over their properties. Drone operators must keep their drones within sight, according to Federal Aviation Administration regulations.
The next time you need to call your insurance company to report damage to your home’s roof, don’t be surprised if the claims representative shows up with a drone. It could lead to faster repairs on your home.
According to the National Association of the Remodeling Industry, a well-written contract should contain the following information:
You may also want to include a statement that you will not be responsible if payment to the contractors’ subcontractors and suppliers are not made. You may also want to establish that the contractor should obtain all the necessary permits and that all blank spots in the contract be filled in with phrases like “does not apply.”
What factors control the price of your home? As your local real estate professional, I want to share with you this simple infographic that will help you identify what these factors are, and will determine which are under your control. Click Here…
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