The concept of an HOA (Homeowner’s Association) can seem a bit foreign if you’ve never lived in an established neighborhood community before. An HOA fee can range from a relatively small monthly amount to a substantial quarterly payment which is important to consider when purchasing a home or condo. This cost can seem a bit daunting, especially if you are unsure of where this money goes each month. We’ve created a simple breakdown of everything you need to know about HOA’s.
Here’s The Scoop
No matter how large or small your HOA sum, each fee has the same goal in mind – to uphold and enrich property values. This is done by maintaining the community’s common areas and enforcing covenants or community guidelines. HOA’s are lead by the Board of Directors, who are elected to make key decisions and maintain the property within a set annual budget. When you purchase a home, you become a part of the Homeowner’s Association (HOA) giving you the opportunity to vote on decisions at quarterly meetings and even run to be elected to the board.
One of the key advantages of an HOA is its ability to enforce covenants and community guidelines that aim to maintain property values. This means that homeowners will often need the board’s approval before making major renovations to the exterior of their homes such as painting or adding fencing that could dampen the community’s curb appeal and property value.
The silver lining behind all of the red tape surrounding an HOA is the access to amenities it grants its members to. The HOA dues contribute towards maintaining amenities such as swimming pools, clubhouses, and gym – all things that would be much more expensive to maintain in an individual household.
Interested in moving to a community with a little more to offer? Call Roxan Coffman Properties today to speak to our team of experts.