Facts About The Homeowners Association You Should Know

Communities within a homeowners association share numerous similarities with one another such as requiring residents to pay HOA fees and follow rules.  Yet, each association may have differences you should know about when considering to buy a home.  Presently, the community website offers current and future residents the chance to learn more about the homeowners association.  Does the community website contain relevant facts about your HOA community?

 

 

The rules of an HOA may be posted online but each homeowner should know what happens if they violate a rule.  In some instances, a simple rule violation may impose a fine you never expected.  Additionally, failure to pay HOA fees or fines related to a violation of the CC&R’s may lead to foreclosure on your property.

 

As well, this is an ideal time to learn about the process required for rule changes or new rules to be implemented.  HOA meetings may take place during times that conflict with your schedule which makes it difficult to have a voice in your homeowners association.  Keep in mind, homes that are located within HOA’s require all residents to belong to the association so you will pay fees and comply with the rules.  Will living in a homeowners association be an enjoyable or frustrating experience for you?

 

 

Each community will differ in fees but a few facts about homeowners associations can significantly influence your experience.  As a precaution, ask about the reserve fund and to see an updated history of the HOA fees for the last 5 or 10 years.  The history of the homeowners association might help give you insight on what to expect going forward.  Always confirm any facts you find on the community website before ending up in a neighborhood that is completely different than what you anticipated!