Homeowner’s Association, or commonly known as HOA, is a structure of rules and regulations set in place to maintain a clean look and feel in a neighborhood. It is most commonly seen in homeowner categories that include a shared space, such as condos and townhomes. Below we have provided a couple things that you should know about them if you are considering this option.
FEES WILL RANGE
There is not a set price for HOA fees. They can greatly range from place to place and tend to be higher in older buildings. The amount of homes and amenities in that area can also affect the fees. When you inquire about any home that has them, they will let you know the how much the fees are up front since it is included in the MLS listing. Additional fees like capital investments may apply as well.
MAKE SURE YOU KNOW THE HOA RULES FOR THAT AREA
Knowing the rules of the HOA for that property is very important. The last thing you want is accidentally violating one of the rules and having a massive fee to pay on your next bill. Before putting an offer on the home, ask your real estate agent to get all the info for you to simplify the process. Think of HOA as a property manager. They have a system in place to maintain that area to certain standards, and these standards must be agreed upon when signing the papers.
THE PROS
From the extra fees on top of your mortgage, the rules you have to abide by, and dealing with the HOA, you must think, what are the pros of getting an HOA property? Well, one of them is conflict management. Let’s say you have a neighbor that always plays loud music late at night and it disturbs your sleep. You can talk to the HOA and they will take care of it for you. Also, in most cases, the HOA will handle all the exterior stuff for you, such as the landscaping and mowing the lawn, and they usually have extra amenities, such as a clubhouse, or a community pool, etc. that will not only be convenient when you want to have a pool day, but can also help you sell for more in the future if you decide to move. Take all of this into consideration and do your research to find out if an HOA property is best for you!
At the end of the day, finding your dream home in an HOA community is a good option. Yes, it can get a little complicated with the rulesand regulations, but life in an HOA community can also be very convenient and who wouldn’t want to live in an area that always looks maintained and beautiful?
