What You Need to Know about Homeowners Associations Before You Join
By and large, HOAs, Homeowners Associations, collect dues and set rules and for this reason, it is important to know of some of the management practices before you buy into one. One thing to know is that your relationship with your HOA can be quite reassuring to you as a homeowner or condo owner and this is not to blind you to the fact that it can as well be quite frustrating and can as well be risky. By and large, owning a home or condo that is part of a homeowners association has benefits to it but it as well pays to know of the downsides so as to be able to make such an informed decision going forward.
One of the benefits you stand to enjoy by your membership to a HOA is that the HOA will often foot the bills for some of the major projects and expenses you may incur on your property such as roofing and landscaping projects. The funds for these come from the dues that you pay. Moreover, when it comes to the sale of house, bear in mind the fact that it has been shown that those homes that are under a HOA will fetch better prices, selling at a premium, as compared to those that are not under a HOA.
If at all you happen to be considering joining a HOA, it would be so important and wise of you to research as much on them and make sure that you have such a good understanding of its bylaws and the management practices in place as we have mentioned above. Below is a look at some of the things that you need to know of as you consider joining a HOA.
Know what it is that your money will be doing. Enquire what services they are that the HOA will be responsible for going forward under the agreement. Added to this, you need to know the financial soundness of the HOA in particular. Talking of this, it is to be noted that a HOA that is well managed should have enough funds for them to be able to cover even for the unexpected emergencies that may crop up. In case you are looking for a HOA for a condo, this is supposed to be such a particular concern for you looking at the fact that there is so much that the HOA is to cover as opposed to what there is in a single family home.
One other concern that you need to know of as you look forward to joining a HOA is to know the board manager or the property manager. Ideally, it would be advisable to consider a HOA that is professionally managed.