If you are thinking of purchasing a home within a homeowners association (or HOA), there are five key points to consider first.
Today’s topic is the five things you need to know about buying in a homeowners association (or HOA).
1. What is the cost? Because this cost is going to be included in your monthly expenses, you definitely want to have a good idea of what you’ll be paying.
2. What is included? Along with knowing how much you are going to pay, you also need to understand what you’re paying for. This will give you a clear picture of whether the benefits are going to truly be worth it for you, personally. In a townhome or condo, water, roof coverage, and exterior maintenance may be included.
3. What are the rules? Make sure that you’re comfortable with the rules and restrictions that come along with the homeowners association. Some HOAs will only allow you to keep certain pets, and some will require that your landscaping be maintained in a certain way. Whatever the rules or requirements, make sure you are aware of them.
4. Are you happy with how the home looks? Because HOAs don’t generally allow dramatic changes without approval, it’s important to make sure you actually like the appearance of the home.
5. Get involved with the community. The best way to get involved is by attending HOA meetings or by trying to get elected onto the HOA board. These can increase your ability to affect the way your neighborhood operates.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.