If you’re considering purchasing a home in a community with an HOA, you should know a few things beforehand. This blog post will cover four essential things to keep in mind before deciding to buy a home in an HOA.
1. Make sure you understand the HOA’s rules and regulations.
When you purchase a home that is part of a homeowner’s association (HOA), you are agreeing to abide by the HOA’s rules and regulations. These rules are implemented to help maintain the property values of the homes in the community and keep the community running smoothly. However, breaking the rules can result in fines, and repeated offenses can even lead to being forced to sell your home. That’s why it’s essential to take the time to read and understand the HOA’s rules before you buy a home. Then, once you move in, make sure to follow the rules and stay up-to-date on any changes that are made. Following the HOA’s rules can help keep your community a great place to live.
2. Be aware of the HOA’s financial status.
Homeowners’ associations (HOAs) are a common feature of many communities, and they can provide a number of benefits to residents. One of the most important roles of an HOA is to maintain the financial health of the community. This includes ensuring that there are adequate reserves to cover unexpected expenses, as well as maintaining sound financial practices in general. For this reason, homeowners must be aware of the HOA’s financial status. This information should be readily available to all association members, and homeowners should feel free to ask questions if they have any concerns. By being informed and involved in the financial affairs of their community, homeowners can help to ensure that their HOA remains financially solvent and able to meet its obligations.
3. Know what type of maintenance is included in your HOA dues.
HOA dues are generally used to cover the costs of maintaining common areas, such as parks and swimming pools. In some cases, they may also be used to pay for services like trash removal or snow plowing. Before you purchase a home in an HOA-governed community, it is important to know what type of maintenance is included in your dues. This will help you budget your monthly expenses and avoid surprises down the road. If you have any questions about your HOA dues, be sure to ask your real estate agent for more information.
4. Understand how decisions are made in the HOA.
When you purchase a home, you’re not just buying the physical house – you’re also buying into the community. So if you’re considering purchasing a home in a neighborhood with an HOA, it’s important to take the time to understand how decisions are made in the HOA.
Who makes the decisions? How are they made? What is the process for making decisions?
By understanding the decision-making process of the HOA, you can get a better sense of whether or not the HOA is right for you. For example, if you value democracy, you may want to choose an HOA that has democratically elected officers. Or, if you prefer a more hands-on approach, you may want to select an HOA that allows all members to participate in the decision-making process. Whatever your preferences, it’s essential to make sure that you understand how decisions are made in the HOA before you purchase a home in the community.
These are just a few things to remember before purchasing a home in an HOA. While HOAs can provide many benefits, it’s important to be aware of the potential downsides before making the decision to buy. By doing your research and knowing what to expect, you can help ensure that your experience with an HOA is a positive one.
If you’re looking for a home and have questions regarding an HOA-governed community, The DeSelms Team can help you find the perfect home for you. We’ll work with you to understand your needs and preferences, and we’ll use our expertise to find the best possible option for you. So contact us today to get started!
