In communities built by a single developer, HOAs or homeowners associations are typical. The HOA establishes the community rules and enforces them, as well as oversees any services to the neighborhood.
If you purchase a home that is part of an HOA, then you need to know the basics in advance, advises U.S. News.
HOAs cost money
When you purchase a home in an HOA, you do need to remember that there are costs involved. Add the HOA fees into your monthly payment to have a better idea of how much you have to pay to live in the neighborhood. It does not matter if you do not take advantage of all of the services that the HOA provides. You still have to pay the fees. Every HOA has its set fees.
HOAs have regulations
Read the HOA’s rules before you invest in any property. If the property has ties to the association, it will always have those ties. Once you purchase the home, you agree to follow those rules. HOAs do have to follow the law. While HOAs may have autonomy and can set restrictions, disputes can occur between individuals and the HOA.
HOAs encourage involvement
If you want to be happy with your HOA, the best course of action is to stay involved with it. If you run for a position in the HOA, you are more likely to have an impact on the rules, regulations and services. If you do not agree with the bylaws and the bylaws do not break any state laws, then you may have to become an active member to encourage change.
