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Many buyers can be wary of purchasing properties that require HOA fees. They may see at it as just another monthly payment, and may miss the big picture of how HOA fees can benefit them. Homeowners Associations (HOAs) govern about 24% of all U.S. homes, according to the Community Associations Institute. The majority of new developments have HOAs, as do many older subdivisions. With the growing popularity of HOAs, it is important for homebuyers to know how this entity works.
First, a builder purchases, and develops land into homes for sale. These units may be single-family homes, townhouses or condominiums. The builder then sets up a homeowners association with rules and guidelines that residents must follow. In return, the homeowners have the opportunity to buy nice homes at reasonable prices, receive amenities and upkeep of certain areas, and pay for only a portion of the infrastructure and maintenance costs via their monthly homeowners’ dues.
Once the development is complete, the association nominates homeowners to operate as board members. The board is responsible for the ongoing management of the association, including creating and upholding rules, collecting payment of dues and preserving common areas. It’s important to participate in HOA meetings in order to have a voice in any potential community changes, as well as, enforcement of regulations within the community.
Many homeowners prefer to live in an HOA for several reasons, including:
Appearance: Homes within an HOA must meet the criteria set by the association or face a fine, resulting in a lower likelihood of shabby lawns, peeling paint or a tastelessly painted house. HOAs preserve the nature of the community and protect property values by providing services and a safe, well-maintained living environment.
Protection: One of the most beneficial long-term advantages of an HOA includes the regulations put in place by the board. These principles add a layer of protection against neighborhood dilapidation, and act as an effective means to maintain community standards and protect property values.
Maintenance: Typical maintenance covered by HOA fees for condos include lawn care, trash removal, swimming pool maintenance, snow removal, and common area upkeep (such as elevators, lobbies, clubhouses, etc.) and other amenities that many Americans may not be able to afford on their own.
This may be particularly beneficial for first-time homebuyers, retirees, and low and moderate-income families.
Management: If you happen run into a problem with your neighbor’s dog barking, parking violations, or loud parties, you can ask the management to take control over the issue rather than getting directly involved with the homeowner next door.
While buying a home with an HOA has many benefits, it is not for everyone. For many potential buyers, the idea that a management association can tell you when you can put out an ornamental flag or that you can’t park your work truck in front of your property can be a deal-breaker. It is important to understand that you must follow the rules and regulations imposed by the association even if you do not agree with them.
This doesn’t mean you can’t buy properties within an HOA, but you’ll have to find one with regulations that meet your specific circumstances. If you carefully read over these rules before deciding to purchase a property, this should not be a concern. However, many buyers skip this step when buying in an HOA and are sometimes surprised to discover limitations once they have moved in. Homeowners can request a rule change or an individual waiver, but there’s no guarantee that your request will be granted. Take the time to compare one association with others in the area before making such an important decision.
While buying a home is often an emotional process, you should treat it like a business decision. When purchasing a property with HOA fees, consider what you can afford, what is important to your household, and what is actually included in the fees. Make sure you are making a worthwhile investment and that it will appreciate over time. Meet the neighbors before you put in an offer, and get their opinions on the association. This will often produce inside information that you may not be able to determine on your own.
Finally, in order to have a voice in the decisions being made, it is important remember that you can always become involved with the HOA by participating in the board election process. Buying a home within a homeowner’s association may be a good option for you. However, to ensure that you make the right decision, it is important to understand the differences from purchasing a traditional home outside of an HOA.
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Source: http://www.5diamondrealestate.com/hoas-what-is-an-hoa-what-are-the-benefits/
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