Is a Homeowners Association Right For Me?
When looking into purchasing a new condo, single-family home or any other type of property in a planned development community, you could be required to join the community’s homeowners’ association (HOA). The contract between the buyer and the HOA states the requirements, rules, and regulations everyone in the community must abide by. When you are a member of an HOA, you are responsible to pay regular fees towards the upkeep of the community and the building(s).
The HOA fees are required and can vary anywhere from $50.00 per month and up depending on the amount of amenities the community has. When living in a condominium or townhome all tenants are equally responsible for the upkeep of the structure; therefore, if there is a major expense that comes up, the HOA fees are subject to change in order to cover the cost. The homeowners association is designed to create a better community environment and protect all owners. Sure, there are additional fees when living in an HOA community, but there are also many benefits that come with those cost. It can be reassuring to know that you are investing in a home and in a community occupied by others who also care about their way of living.
Lastly, if you have found your dream home in an HOA community you should check with your real estate agent, the homeowners’ associations’ office and/or do your own research on the HOA. This will help you decide what is best for you and your family. If you fail to look over the association’s contract you can find yourself with additional fees due to fines. Every HOA is different when it comes to their guidelines, so confirm that you and your family’s lifestyle match up with the community standards.
- Learn the HOA rules and regulations.
- Confirm that the property you are pursuing is not already out of compliance with the HOA rules.
- Find out about the monthly cost and the fees.
- Consider the HOA fees impact on your short and long-term financial goals.