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.
Looking at some of the pros to belonging to a HOA, consider the bit that the HOA will pay off the bills for some of the major projects and expenses on your property such as roofing issues and landscaping. This money that is used to pay for these kinds of projects comes from the dues that you will be paying according to the agreement under the HOA deal or agreement. When it comes to the need to sell house, it has been shown that those that are in a HOA will often sell at a premium price as compared to those homes that are not.
For you who may be considering moving into and joining a HOA, it is quite important that you do your homework and get to learn as much as you can on the bylaws and the management practices that the HOA is known for. The following are some of the things that you need to know of as you buy into a HOA.
Know what it is that your money will be doing. You need to ask what it is that is covered under the HOA agreement, particularly the services that the HOA will be responsible for. Over and above these, it is as well important to know as much on the financial position and soundness of the HOA you may be looking at. A good one is supposed to have sufficiency in funds to cover even for the unexpected. This should be such a particular concern for you where you may be looking at a HOA for a condo.
It is as well to be of particular concern to you to know the board managers or the property manager. It generally pays and would be wise to consider a HOA that is managed by professionals.
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