LOUISVILLE, Ky. (WDRB) -- Do high home prices and mortgage rates have you frustrated and looking where to turn next? Maybe it's time to consider a condo.
But before you do, consumer reporter John Matarese has a caution, so you don't waste your money.
In this day and age, condos are often cheaper to buy and maintain. But, buyers should understand the pros and cons of having an HOA.
Nordelle Wainz is among thousands of condo owners who have run into problems with their HOA, refusing to fix her collapsing deck.
"I was told if I didn't like it here, that I should sell my condo," Wainz said.
A report from Cheapism.com calls HOA's a "paradise at a price."
The report found hundreds of reports of homeowners being fined or sued for having one or more of the following:
- A pink playhouse for a little girl.
- A kids' lemonade stand.
- Sidewalk chalking.
- Pickup trucks on driveways, even when they are too big for the garage.
- Eco-friendly clothesline.
- "Support your Troops" signs.
A couple years ago, a northern Ohio Vietnam veteran put up a 15 ft. flagpole for an American flag, and was soon threatened by HOA to take it down or he would be sued.
The vet would not stand for it, so he turned to social media to express his concerns. It soon went viral, and the HOA dropped its challenge and let him keep the flagpole.
There is nothing wrong with most HOA's, they can keep neighborhoods clean and neat looking. But it is important to know the downsides when browsing for a new place to live.
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