Here’s why you should carefully consider whether to buy in an HOA or not.
Before you buy a home within a homeowners association, there are a few things that you should know.
An HOA is an organization of homeowners that exists in a subdivision, condo community, or townhouse community. Its purpose is to preserve, maintain, and enhance the condition and value of homes. The community is allowed to charge fees monthly, quarterly, or semi-annually. In condo associations, monthly charges are common.
All homeowners within an HOA need to adhere to the by-laws for residents. You’ll want to get a copy of these if you’re buying within a community so that you know what you’ll have to do. If you don’t adhere to by-laws, rules, or regulations, the association can fine you or place a lien on your property.
“The purpose of an HOA is to preserve, maintain, and enhance the value of homes.”
If you don’t like the idea of a homeowners association, you don’t have to buy a home that’s within one. Keep in mind that although it sounds very heavy, a lot of people love buying in HOAs because of how well they preserve the value and stability of a community.
If you have any questions about this topic or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
