{"id":12440,"date":"2021-07-30T07:00:00","date_gmt":"2021-07-30T07:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/what-should-you-know-about-homeowners-associations\/"},"modified":"2021-12-17T09:33:34","modified_gmt":"2021-12-17T09:33:34","slug":"what-should-you-know-about-homeowners-associations","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/what-should-you-know-about-homeowners-associations\/","title":{"rendered":"What Should You Know About Homeowners Associations ?"},"content":{"rendered":"
\n

It\u2019s important to be well-aware of the implications of living in a community with a homeowners associations before you make an offer on a house.<\/h2>\n

 <\/p>\n

If you\u2019re thinking about moving, there are a lot of factors to consider aside from the house itself.<\/p>\n

Homeowners associations<\/strong> are one example. Living in a community with a homeowners association can have its benefits but also its downsides.<\/p>\n

It\u2019s important to be well-aware of the implications of living in a community with a homeowners association before you make an offer<\/a> on a house.<\/p>\n

The Basics: What Is An HOA?<\/h2>\n

An HOA is a governing body in a community, and you\u2019ll often find they\u2019re present in gated neighborhoods, planned communities, and apartment and condo buildings. An HOA is funded and operated by residents, and there\u2019s a board of directors.<\/p>\n

HOAs have meetings, create budgets, and are responsible for enforcing regulations and rules. The rules set by an HOA are legally enforceable.<\/p>\n

A well-run HOA can improve property values because they work to make sure the community maintains a certain standard as far as how homes and lawns look. Poorly run HOAs can be expensive and make it difficult to own a home in the neighborhood because of the bureaucracy.<\/p>\n

If you\u2019re a member of an HOA, you might pay dues monthly, quarterly, or yearly.<\/p>\n

The dues are meant to go toward keeping up common areas like clubhouses, pools, walkways, and lighting.<\/p>\n

Fees vary significantly depending on location and the neighborhood or building itself. HOA fees might be $50 a month to thousands of dollars a month.<\/p>\n

How Do the Rules of an HOA Work?<\/h2>\n

HOA rules are referred to as conditions and restrictions, or covenants. If there is an HOA in a community where you\u2019re thinking about buying a home, you need to understand them well.<\/p>\n

The majority of HOA rules are going to be related to the exterior of a home.<\/p>\n

For example, you may be required to maintain your lawn in a certain way. You may only be able to paint<\/a> your house in particular colors. In condos and apartments, the rules might be related to things like pet ownership.<\/p>\n

If you don\u2019t follow the rules of HOA, initially, you\u2019ll be asked to comply. If you don\u2019t, you may have to pay fines, and then if it gets beyond that point you may face a lawsuit.<\/p>\n

Additionally, if you don\u2019t pay HOA fees, the board can put a lien on your home or even require you to foreclose<\/a>, depending on the state where you live.<\/p>\n

What to Find Out About an HOA Before Buying<\/h2>\n

If you\u2019re looking at a home with an HOA, the following are things to find out or ask your real estate<\/a> agent to find out for you:<\/p>\n

\u2022 Ask if you can attend an HOA meeting, or if that\u2019s not possible, request a copy of the most recent minutes. This will give you a feel for the behavior of the board members and whether their top priority is resident well-being.
\n\u2022 Your HOA should be in good financial standing. Otherwise, you may be hit with an unexpected assessment that you have to pay if work needs to be done in the community.
\n\u2022 Are there are a lot of issues between the board and homeowners?
\n\u2022 You\u2019ll have to consider how well the HOA\u2019s rules will fit with your lifestyle and if you\u2019re comfortable with that kind of control being exercised over your home and living environment.
\n\u2022 Go over, in detail, what HOA fees will include.<\/p>\n

Finally, along with thinking about how HOA fees and rules will affect you now, you have to think about how it\u2019s going to affect the resell value of a home you buy. There are a lot of buyers who simply don\u2019t want an HOA, and if you do want to sell your home<\/a>, your pool of buyers may be limited.<\/p>\n

Over time, as HOA fees go up, it may put living there out of many people\u2019s price ranges, making it tough to sell your home.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

It\u2019s important to be well-aware of the implications of living in a community with a homeowners … What Should You Know About Homeowners Associations ?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":12441,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[3],"tags":[981,695,1403,180,516,205,960,12908,543,3051,627,3061,127,617,489,911,289,3058,1007,41,84,385,3062,1045,3052,3053],"class_list":["post-12440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-owner","tag-a-house","tag-agent","tag-buy","tag-buying-a-home","tag-estate-agen","tag-estate-agent","tag-hoa","tag-home","tag-home-buying-guide","tag-homeowner","tag-homeowners","tag-homeowners-associations","tag-homes","tag-house","tag-houses","tag-landlady","tag-landlord","tag-location","tag-owners","tag-property","tag-real-estate","tag-real-estate-agent","tag-rent-a-house","tag-sell-your-home","tag-tenancy","tag-tenants"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2021\/07\/126d63d964f8176b661afa25d76a5dd4_S.jpg?fit=424%2C318&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/12440","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=12440"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/12440\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/12441"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=12440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=12440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=12440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}