Meet Lauren, a first-time homeowner, learning everything there is to know about buying a new home and being a member of a homeowner’s association.
Buying your first home or finding your dream home is no small thing- it’s life changing. Below, we’ve outlined the a-b-c’s of homeowner’s associations (HOAs) so you can make the best decisions about your purchase and navigate the rules and regulations of HOA communities.
A. HOA members are elected from among the residents and serve to maintain grounds, master insurance, community utilities, as well as the overall finances of the building complex or community. Important questions to ask:
- How often are board votes held?
- How does the HOA handle conflicts with residents?
- Does the HOA have green provisions?
- Are there parking restrictions?
- Does the HOA have rules for fences?
B. HOAs will require all unit owners to pay a monthly maintenance charge and may also demand special one-time assessments to cover large community expenses. What kind of questions to ask:
- How much are dues?
- How often are they assessed?
- What are the average increases over time?
- How often are there special assessments?
- Is building maintenance included?
C. Amenities, such as access to a pool, gym, golf course, laundry, security or lounge are often included with HOA dues. When looking at a property that has an HOA, the first thing you should consider is what’s included.
- What amenities are included?
- Does HOA maintain landscaping?
While we’ve designed this post to make your house-hunting easier, we’ve also created KOHAB to make living in an HOA easier, with transparency into all of the components above.
If you’d like more information about buying into an HOA, check out these helpful links:
https://www.investopedia.com/articles/mortgages-real-estate/08/homeowners-associations-tips.asp
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