Written by bkabritsor
As someone considering buying a new property, perhaps for the first time, you will likely run into Homeowners Associations. These organizations, known as HOAs, will act as the guiding hand in your stay at a certain property.
Thus, it is important for you to know as much as possible about these organizations before committing to the property at hand. Exactly what purpose do HOAs serve? How well do they fulfill these purposes? And how much will your HOA cost you in membership fees?
What does your HOA offer?
Forbes takes a look at homeowners associations and their benefits and downsides. First, draw up a list of the pros and cons as you examine each property, because no two HOAs function in the exact same way. The overall concept, of course, involves exchanging money in return for services. But not every property or HOA will offer the same services.
For example, do you value community recreational spaces? What about landscaping services? If so, then the costs of an HOA that includes rec spaces and landscaping options may appeal to you more and have a higher value.
Do the prices match?
Next, make sure the price matches what you get. HOA fees can range from $100 to $1000, with the amenities differing to match. HOAs worth hundreds of dollars typically have multiple amenities and services available, along with bonus features like club houses.
Take a look at how well the HOA enforces its own rules, too. After all, what good is a rulebook or guidelines with no enforcement? HOAs differ greatly in strictness, and you want to pick one that caters to your desired level of monitoring for an optimum experience.
Shared from Gregg & Gregg, P.C.