Homeowners Association Fees & Rules\n
A Homeowner\u2019s Association (HOA) is defined as \u201can organization in a subdivision, planned community or condominium that makes and enforces rules for the properties in its jurisdiction. HOAs also collect monthly or annual dues to pay for upkeep of common areas like parks, tennis courts, elevators and swimming pools and can levy special assessments on homeowners when the association lacks sufficient reserves to pay for unexpected repairs,\u201d according to Investopedia.\n
So before signing on the dotted line for a property in a community that has an Homeowners Association, according to an article on Investopedia, you should keep the following in mind:\n
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\n[list_item]Learn the rules of the HOA \u2013 Be sure to obtain a copy of the rules and requirements for your HOA. Often these are listed online or you can simply ask your real estate agent to get a copy for you. Look carefully over the fines set forth for any violations \u201cand whether the HOA can foreclose on your property for nonpayment of HOA dues or fines resulting from CC&R violations.\u201d Be sure to also learn the process for trying to change or ad a rule, how and when your HOA meetings take place and if you\u2019re able to attend, if so desired. If the rules outlined in the HOA are things you can\u2019t live with, consider looking elsewhere for a different property.\n
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\n[list_item]Double check that the property you wish to buy has abided by the rules of the HOA. The last thing you want is to have to make lots of changes to the property because the previous owners were in violation.\n
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\n[list_item]If environmentally-friendly living is at the top of your must-have list, look over the rules of your HOA when it comes to lawn maintenance. \u201cSome HOAs may dictate that you use fertilizers, pesticides, sprinkler systems, and whatever it takes to keep your lawn picture-perfect. They may not allow xeriscaping (an environmentally friendly form of landscaping) and may limit the size of gardens, ban compost piles and prevent you from installing solar panels.\u201d\n
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\n[list_item]If being able to customize and alter your property without having to stay within guidelines or restrictions is incredibly important to you, an HOA property may not be the ideal fit for your wants and needs.\n
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Be sure to look at the Homeowners Association\u00a0fees since they differ for each community. Questions to be sure to ask include: \u201cHow are HOA fee increases set? How often do increases occur, and by how much have they historically been raised? Can you get a printed history of HOA dues by year for the last 10 years? How large is the HOA’s reserve fund?\u201d\n
Think about the fees you\u2019re required to pay and what these fees cover. If you\u2019re rarely going to use the common areas such as the fitness facility, pool and game room, perhaps the money you\u2019d be spending on an HOA is better spent elsewhere at another property.\n
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If possible, obtain minutes from a recent HOA meeting and try to attend one prior to purchasing your property. These meetings can provide an excellent opportunity for you to see what current, outstanding and potential issues may occur.\n
\u201cBe alert for potential drama. Power trips and petty politics can be an issue in some HOAs. Talk to some of the building’s current owners, if possible – preferably ones who are not on the HOA board and who have lived in the building for several years. Talk to the Homeowners Association\u00a0president and get a sense for whether you want this person making decisions about what you can do with your property. If a private company manages the HOA, investigate it before you buy. Some HOAs are professionally managed, but it is common for the association to be managed by building residents who fill the position as volunteers. Even if you like the current HOA board or management company, it can change after you move in and you may end up getting something totally different than what you bargained for.\u201d\n
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\n[list_item]On the flip side of the above, some HOAs are under-managed. Some community HOAs are so lax that no one cares and nothing gets done.\n
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\n[list_item]Now\u2019s the time to find out what kind of catastrophe insurance the HOA has on the building.\n
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[list_item]And lastly, consider if you can or are willing to afford the Homeowners Association fees in the long run.\n
HOAs can be wonderful when properly managed and the terms and conditions closely match what you envision for your home. With a little due diligence, you\u2019ll ensure you\u2019re making the right choice to feel confident when signing along the dotted line.\n
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