Things To Know About Homeowners Association (HOA)
Home owners Association (HOA) is an organization in a certain location or planned community that is able to come up and enforce rules for the properties and those who are to reside in them. Every individual who gets to purchase property which is under HOA management, they automatically become members. They are therefore expected to pay some fee within the agreed periods which are known as HOA fees
A HOA is mainly comprised of and run by the community’s residence and are usually made up of board of directors who are elected to enforce and oversee the rules and regulations that are agreed on. However there are some HOA which are managed by a private company hence they are entirely managed professionally. The terms and conditions agreed in HOA are mainly highlighted in a document called the declaration of covenants, conditions and restrictions (CC&Rs) which are to govern the residents.
HOA is able to make the residents enjoy some benefits since it sets regulations that are must to abide to which are aimed to preserving and enhancing the community’s property values. One way is that it focuses on the overall appearance which includes the cleanliness condition of the property, repair and maintenance services. A condition may be passed whereby the residents are meant to keep uniform appearance such as the type of fence to use and the color to paint their houses so as to give an appearance that is organized. Another advantage is that HOA enables the residents to enjoy some amenities such as parking lots, landscaping, swimming pools or party spaces to be used by them. The fees to be charged could also help in catering for trash collection, snow removal or provide Security Services.
However there are some advantages or limitations that come by being a member of HOA. One of the disadvantages is being charged higher fees. This could make the prospective buyers be discouraged from being part of it or the residents to strain in maintaining the fees that are to be charged. Another disadvantage could be the rules and regulations that are set which may seem to be too restrictive to the homeowners. Some of the set Conditions May deny people the freedom to customize their properties or having a space to explore creative ideas that they will desire to have around their property. This therefore may discourage majority not to be part of HOA.
Therefore as an individual decides whether to buy property that is managed by HOA or not there are a number of factors that should be taken into consideration so as to live within an environment that they will be comfortable. One of the things to consider is the fee that you will be charged. Be sure you are aware of every detail of the HOA fees to determine if it’s something that is affordable to you. The regulations and rules that are set get to vary with different HOA. An individual should get to understand the set conditions that govern a certain HOA to be able to know what they are to enjoy and what will be restricted so as to make an informed decision.