The Basics to Know about Homeowners Associations
Generally, it is quite important for you to know of some of the management practices of the Homeowners Associations, HOAs, more so looking at the fact that they do collect dues and set rules. One thing to know is that your relationship with your HOA can be quite reassuring to you as a homeowner or condo owner and this is not to blind you to the fact that it can as well be quite frustrating and can as well be risky. Generally, owning a home or a condo that is part of a homeowners association is quite beneficial but you need to as well know of the cons there may be in it for you to make a balanced decision going forward.
One of the benefits you stand to enjoy by your membership to a HOA is that the HOA will often foot the bills for some of the major projects and expenses you may incur on your property such as roofing and landscaping projects. The funds for these come from the dues that you pay. Over and above this, there have been reports that have shown that homes that are in HOAs sell at a better price as compared to the ones that aren’t.
For you who may be considering moving into and joining a HOA, it is quite important that you do your homework and get to learn as much as you can on the bylaws and the management practices that the HOA is known for. Read on for some of the things that you need to know of as you contemplate the move to join a HOA.
Know what it is that your money will be doing. Enquire what services they are that the HOA will be responsible for going forward under the agreement. Moreover, it is as well important to know about the financial stability of the HOA. Talking of this, it is to be noted that a HOA that is well managed should have enough funds for them to be able to cover even for the unexpected emergencies that may crop up. In case you are looking for a HOA for a condo, this is supposed to be such a particular concern for you looking at the fact that there is so much that the HOA is to cover as opposed to what there is in a single family home.
It is as well to be of particular concern to you to know the board managers or the property manager. It generally pays and would be wise to consider a HOA that is managed by professionals.