The Basics to Know about Homeowners Associations
Generally, it is quite important for you to know of some of the management practices of the Homeowners Associations, HOAs, more so looking at the fact that they do collect dues and set rules. As a matter of fact, your relationship with the Homeowners Association can be as reassuring but at the same time can be frustrating and at times may even have some risk in it. 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. The money that sets off these kinds of bills come from the dues that you are charged and are liable to pay as per the agreement. Moreover, when it comes to the sale of house, bear in mind the fact that it has been shown that those homes that are under a HOA will fetch better prices, selling at a premium, as compared to those that are not under a HOA.
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. Read on for some of the things that you need to know of as you contemplate the move to join a HOA.
One of the things that you should be clear on as you consider joining a HOA is to know what it is that your money will be doing for you. You need to ask what it is that is covered under the HOA agreement, particularly the services that the HOA will be responsible for. Added to this, you need to know the financial soundness of the HOA in particular. Talking of this, it is to be noted that a HOA that is well managed should have enough funds for them to be able to cover even for the unexpected emergencies that may crop up. This should be such a particular concern for you where you may be looking at a HOA for a condo.
The other concern to mind as you look forward to joining a HOA is to know the board managers or property manager. Ideally, it would be advisable to consider a HOA that is professionally managed.
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