Tips on Buying a Home in a HOA Community
When you buy a house, it might be part of an HOA. HOAs are entities set up to manage and maintain communities; for homebuyers this means some extra costs and responsibilities if their property is in one!
Are you considering buying a home in a HOA community? If so, there are a few things you should know before making your decision. In this blog post, we will discuss the Pros and Cons and what to ask for when buying a home in a HOA community, so that you can make the best decision for yourself and your family.
First, let’s go over one of the biggest advantages of living in a community with a HOA. Homes that are part of an HOA generally offer shared amenities, like tennis courts and pools. These can be hard to come by in a standalone home but could enhance your quality-of life!
Most HOA communities are very strict about keeping up with the maintenance of these amenities. You can expect to pay monthly fees for that purpose, but know exactly what they cover before signing anything!
When you join a HOA, it should be clear what your responsibilities are. That’s because all of the community’s rules and obligations are written down in its governing documents like Covenants, Conditions & Restrictions (CC&Rs), Bylaws or Articles of Incorporation plus other regulations made by them too! The local Realtor’s association should have a copy, or you can contact them directly to request one.
For example, with an HOA you may only be responsible for interior property maintenance. In townhouse HOA communities maintenance like lawn mowing are generally included, but if you are living in a stand alone home, your home’s exterior is most likely up to YOU! Be sure you understand what your responsibilities are.
When you’re crunching the numbers for yourself, it is important to investigate your HOA’s finances. A well-run association will have a thorough budget and robust savings accounts – ask them about their HOA reserve study! This important document shows how much money is available in case of an emergency or unexpected expense; it also breaks down future expenses versus current ones so that there are no surprises later on down the line (nobody wants extra fees added onto monthly bills).
A home is a place where people want to live in peace and quiet as well as have the area look good. As such, HOA’s do everything possible to make sure the homes within the community are not damaged or become unkept due long periods without maintenance, which will also lower prices in the entire neighborhood.
HOA’s help protect your investment by ensuring no single property goes unattended–potentially affecting how valuable your home can become!
If you’re considering buying a home in a HOA community, there are many factors to consider.
At Revelation Community Management, we created our management processes with homeowners top of mind! Learn more about what makes us different from other management companies as well as how we do things differently than others.
