Living units that are a part of a homeowners association, or HOA, are becoming more common. Traditionally, mostly condos and villas with common grounds and building space have needed to be managed by an HOA, but more and more HOAs that manage single family homes have been popping up in recent years. If you’ve just purchased property in an HOA, here are five things you ought to know.
1. You Have to Pay Your Dues
Homeowners associations come with the obligation of paying monthly, annual or sometimes quarterly dues. The reason for this is because the association needs capital to maintain common ground spaces, clubhouses, shared buildings and more that you will benefit from as a resident. If you’re unsure how to pay your dues or have questions, contact your board or your property management company and they should be able to point you in the right direction.
2. Your Community Elects a Board
HOAs generally have annual meetings where board members are elected and residents can bring up issues or projects that are important to them. It’s up to you whether you attend, but if you own property you are entitled to a vote and a voice in what happens in your community, so it’s usually in your best interest to be involved.
3. There Is Some Structure of Management
Some HOAs are self-managed by the board, which is made up of residents. Others are managed by a professional property management company. So get some info on how your community is being managed. Understand that even when a management company is involved, your board almost always has final say on all major decisions.
4. You Have To Follow the Rules
HOAs have a set of governing documents which are frequently called Indentures. These legally binding documents were drafted and filed when the community was built and they lay out how the community will be governed and what is and is not acceptable. For example, many HOAs ban above-ground pools. Most HOAs have some form of approval process for making architectural changes (such as putting in a new fence or painting your home), and the reason for this is to ensure a nice look for the community that keeps everyone’s home values up.
5. Special Assessments Might Happen
Special assessments are when an HOA requires additional funds from its members to tackle a big project, such as roof replacements. Generally, the members of the HOA must vote on whether a special assessment can be charged, but if the membership passes one you must be prepared to pay your part. You can always talk to your management company if you can’t afford to pay right away – most managers are happy to work out payment plans with you.
If you’ve never owned an HOA-managed property before, contact an expert at a place like J & N Realty, Inc. It can take some time getting used to the new way of doing things. But for many people, residing in HOA-managed communities offers a lot of advantages they will benefit from.
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