Are you considering buying a home in an HOA? Before doing so, there are five key things to consider.
When purchasing a home with a homeowners association, there are five main things you should think about:
1. Consider all of the costs. Since the cost of being part of an HOA is typically a monthly expense, you will need to factor this into your budget. There are also sometimes one-time buy-in fees.
2. What does the HOA cover? Different HOAs will offer a variety of different benefits. At the bare minimum, the common area should be maintained. Extra things like snow removal, grass cutting, and landscaping are also sometimes included. Usually when you join an HOA you will be given a hand guide to all the items that are covered. It’s important to know what exactly your monthly payment is going toward.
It’s important to know what exactly your monthly payment is going toward.
3. Make sure the rules don’t interfere with your lifestyle. It is important to understand the times at which facilities can be used as well as who may use them. If you often plan gatherings, you’ll want to pay special attention to regulations regarding the number of guests allowed at a time.
4. Do you like how the homes look? This is very important, since HOAs tend to dictate things like allowed color schemes. You should always check what changes are allowed within an HOA.
5. Can you get involved? The answer to this is yes. HOAs operate under a board that facilitates communication between the residents. Requests and complaints are also handled by the board and are voted on during meetings. If you yourself want to join the board—this is an option.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.