In light of recent discussions, there seem to be many confused about what a HOA/Condo is and what is our community ( A Land Lease).
I did some research and am publishing this document to hopefully show the pros and cons of both.
Bear in mind in an HOA/Condo the monthly fee they pay is called dues or fees. They govern themselves through an elected board and are responsible for any all cost incurred in the community.
In a Land Lease (us) we pay rent on the land to the property owner (Foxwood Village often referred to as Peter). He is responsible to maintain the community and can use the rent as he sees fit. Most important is that in maintain; NYS law says to provide a safe and healthy living area. The law doesn’t mandate any amenities. If interested read the attached document.Click on link to open in new page. New York State Real Property Law Section 233
Please note in the HOA all five cons are serious and we do not have to deal with them.
In the land lease (us) the pros are all favorable especially as we can buy a house at an affordable price. The cons really do not apply to long island as we already know we can resell with little problem and for most a profit.
Click on link to open in a new page
6.27.18_Comparison of HOA_Condo to Land Lease