Here’s what you should know before buying a home in an HOA community.
A homeowners association (HOA) is a governing body that makes the rules for a particular community, be it in an apartment complex, gated community, or another conglomerate of homeowners that are confined to a particular area. That governing body is presided over by a board of directors, which typically consists of people who live in the complex. High-quality HOAs improve the value of the properties within them and maintain property standards. There are, however, low-quality HOAs as well; those are expensive, restricted by bureaucracy, and often don’t do very much work.
People who consider buying a property in an HOA are most often concerned about HOA dues. These dues are money collected to cover all sorts of costs needed to maintain the complex. They can vary by location, size of the complex, and the presence of certain amenities. Dues are typically collected monthly, but some HOAs collect them quarterly.
If the HOA is in a singular building, for example, the dues cover the insurance for the outside of the building and the roof, as well as maintenance for public areas within the complex. They’re also applied to public amenities like pools, jacuzzis, and health clubs.
When you’re buying a property in an HOA, be sure to remember that HOA rules are legally enforceable, so make sure they fit your lifestyle before committing to living there. Before you buy an HOA property with us, we’ll make sure to study the financial aspects of the association as well as their meeting minutes. These minutes are important because, through them, we’ll learn what’s new within the complex and what concerns residents have. That helps us form an opinion about how solid the HOA is and what issues may concern you if you choose to live there.
If you’re thinking about buying a property in an HOA, my team and I will help you look into all these factors and give you advice about whether it’s the right move for you. Feel free to reach out to us with any questions you have via phone or email. We’d love to help you.