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HOA (Homeowners Association) Tell All

(Published on - 5/28/2020 6:26:18 PM)

 

What to know about HOAs (homeowners’ associations): HOA is an organization created to manage a community of homes, townhomes, or condos. They are like governing bodies given the authority to plan or organize regular meetings in which they establish and maintain budgets, rules and regulations, and discuss changes or improvements that will take place inside the community. With that, comes an HOA fee. This fee funds for upkeeping of the community and maintaining common areas within. This fee can be significant depending on the living situation; where are you located, what kind of community is it, and what amenities are available within the community? There is a lot to know about HOA and its fees.

 

 

  • How do HOA rules work? HOA rules are more conditions than they are rules. These conditions are important to know upon buying into a community or neighborhood governed by an HOA. Just because you are buying a home, does not mean you can make any and every decision regarding that home when there is an HOA present. If you want to paint your home or throw a party, or even install something like a solar panel to your home, the HOA might have something to say. They primarily have conditions on exteriors first and foremost; the image that your home and this community holds. Then, there are things like the throwing of a party or getting a pet that might have an effect simply because it might be a burden on your neighbors. An HOA’s job is to keep order and image over your neighborhood (to put it into better words). There is usually a community meeting every so often that the HOA holds to discuss

 

  • Are HOA fees negotiable? Typically, fees are not negotiable. Fees are determined, as stated above, depending on the living situation: where you live and what amenities are available. They vary based on those two factors, but as far as amenities go, the more amenities, the more you pay. HOA fees range from $100 to $700. Typically, they are around the $200 range.

 

  • Do I have to pay for an HOA? What happens if I don’t pay? HOA fees are unfortunately nonnegotiable. This means that you have to pay, based on a contract that is signed between you, the homeowner, and the HOA community. If you choose not to pay, the HOA can take proper measures, which depends on whatever is included in your contract. This can range from late fees, to a lawsuit, to a foreclosure.

 

 

 

It is very important to be educated on HOA fees, especially if your neighborhood has them. Know what you can and cannot do. Also, before you move into an area or neighborhood, find out whether they have HOA fees or not, and if they have them, are you willing to pay that amount and abide by those conditions? If you don’t, then you still have a chance to walk away and look for something more suitable.

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