If you are considering buying a home in a neighborhood that's governed by a home owners association then you want to make sure you know exactly what the home owners association means to you as a resident. Here are some of the things that you should know about a home owner's association:
You must become a part of the HOA when you buy a home with one
When you decide to purchase a place that has a home owner's association in place, you will need to agree to abide by their rules and regulations. You will also need to pay dues to them. These dues will be used in a way that the board sees fit with regards to maintaining and improving the neighborhood and its amenities.
The HOA will keep everything running smoothly so you can enjoy a great neighborhood
There are a lot of ways the home owner's association helps to offer you a better quality of neighborhood. As a home owner it's nice to know that there is a level of protection in place that will prevent your neighborhood from going downhill which can cause your home to depreciate in value. This means you may not be able to get a profit from it when you sell and you could even end up taking a loss.
Your community will have rules regarding maintaining the outside of the homes. On the one hand, you may not have the freedom to work on cars in your yard and paint your house any color you choose, but the up side to this is you know that your neighborhood will always maintain a nice uniform and clean appearance.
You will more than likely have special amenities you can make use of such as a barbecue area, a swimming pool, a recreation room, a gym a club house, great landscaping and maybe even a conference room. Your HOA dues will go toward making sure these amenities continue to be offered and are properly maintained so you can fully enjoy them as one of the many perks of living where you do.
There may be other features in your neighborhood that are in place to offer you a better living environment such as sidewalks, walking trails, security gates, light posts, sprinkler systems and more. All of these things cost money and the HOA will also put the member's dues will go to caring for these things as well.Share