Today we’ll be getting to the bottom of an important question: What are HOAs and how do they work?
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In short, an HOA, or homeowners association, is an organization of homeowners that retains the right to create and enforce regulations, rules, and restrictions on a particular subdivision, condo unit, or planned unit development.
These rules will vary between each HOA and may stipulate anything from the required size of homes to where you can park your vehicle.
That said, there is a good reason for these rules. HOAs help the properties within them maintain a certain level of care. This, in turn, helps to protect the homes’ market values.
You should be well aware of what you’re signing up for before you purchase any given property.
Of course, an HOA can’t operate without funding. This is where the matter of HOA dues come in. Those living within an HOA are required to pay a certain monthly fee that will ultimately be applied toward the care and keeping of the neighborhood.
If you neglect to pay this fee, however, the HOA is within their legal right to take action. They may even foreclose on your property.
The bottom line is that you should be well aware of what you’re signing up for before you purchase any given property. This includes checking to see if it’s within an HOA and, if it is, what rules you’ll be expected to follow and what fees you’ll be expected to pay.
In many cases, an HOA is well worth the cost. Even so, only you can determine what is best for you and your family—with the help of a trusted Realtor, of course.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
