Many communities like: condos, townhouses, single family homes in a planned community, have an HOA. HOA stands for Homeowners Association. Typically they manage and insure a clean community. They can dictate the; type of vehicle parked in your driveway, the color of your shutters, your yard work designs, and much more. Here are a few questions you may want to ask your HOA before you close to ensure a community with HOA guidelines is for you.
- What are HOA fees and what do they do?
An HOA fee is paid for by all homes inside of the planned development. The fees will range with different properties. Some reports have found that the higher the HOA fee, there are more home/units in the development. Also they would increase based on the amenities offered in the community such as: gates, pool with clubhouse, golf courses. The purpose of the fees is to help cover any work that the common areas may need, any amenity shared area, and community exteriors. Those pretty neighborhood signs with all the lovely floral arrangements, HOA fee pays for.
- What do HOA fees do for me?
When you enter a HOA managed community, you are also subjected to the list of rules and restrictions that the HOA have in place. You may live in a place with valet garbage, that would be a fee in your HOA. Community access gate needs repairs? Your HOA helps with that. They also pay in for the perks that are offered to you based on what amenities your community has. Keeps the pool clean, tennis court in shape and the playground safe. If you don’t mind living with certain rules and guidelines, an HOA may be right for you.
- How often do I pay an HOA fee?
- How important is it that I follow the rules?