Learn HOA Rules Before You Buy

HOA or Home Owners Association is an important term in the American real estate industry. To know more, read on.


What is HOA?

HOA is the abbreviated form of the Home Owners' Association, a body created to make life easy for the owners of town-homes or condominiums. Established on certain legal guidelines terms and recognized by law, the body is formed when a new town-home or condominium development comes into existence. The important factor to be understood about HOA is that it has the power to enforce the rules and norms that it lays down, over and above those formulated by the City ordinances.

Membership

If you are the owner of a condo or a townhouse, you have no choice but to be a member of the respective HOA and pay the required membership fee regularly.

Why do we need HOA?

The aim behind establishing a Home Owners Association is to look into the collective interests of all home owners of a particular building or complex.

Every buyer wants the property he intends to buy to be the best among all not only at the time of his purchase, but also in the future. The Home Owners' Association does exactly these by setting guidelines for property maintenance, behavior, restrictions and so on.

What Kind of Rules are Laid by HOA

Rules laid down by HOA relate to maintenance of the surrounding areas, landscape and property in question, the streets nearby, lighting, security, garbage disposal, recreational facilities and so on, commercial use of the property you own, maintenance of the exteriors of your home and even at times, the number of pets you can keep and age restrictions of the members at home!

You need to adhere to the rules and regulations formulated by the HOA of your condo for its upkeep and maintenance of the surroundings. The rules come in the form of CCRs - Covenants, Conditions and Restrictions. The association assures that you follow the same to its satisfaction!



Know the HOA and then invest

What should you Know?

Be well-informed about the HOA of the property you intend to buy. Ask for a copy of the CCRs, the HOA financial statement of the year, the by-laws of the body and so on. Know the monthly due that you are required to pay. Compare it with what is charged by others in condos or town-homes in the same vicinity. List down the services that will be provided to you against the money you pay to the association such as garbage disposal, garden maintenance, cable TV, parking, pools, water and insurance. You may find it to be comprehensive or missing something.

Why should you know?

Ignorance is not at all bliss here, in fact it is disastrous!

A property is an asset for life and buying it without being well-informed about all that is there to it is not a smart move at all! Exercise this right fully to ensure a successful buy and a peaceful life in the same! This is why you need to know about HOA guidelines before buying property.

It is possible that you may find the rules of the HOA interfering too much into your personal space and can also dictate unreasonable terms to you as well! The best way of knowing all about a building's HOA is to check with other members of the building. Or you may appreciate the rules for keeping everything orderly.

Owners of other units can tell you what its like to own and live in a unit, what HOA imposes and what is the general consensus among people living there. If they are grumbling about the body, simply shift your attention to some other condo. If they are happy about the same, make all other enquires and jump into the bandwagon.

And last but not the least HOA has all the legal rights to penalize you if you are found violating any of their rules! Hence, better be safe than sorry!

Buy yourself a nice condo that has an awesome HOA and enjoy your property!

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