The homeowner association is an association that owns, controls, and makes rules on planned settlements such as condominiums, town-homes, etc. These associations specialize in multi-family properties and single-family homes and they are run by owners of these properties.
The idea is that, if you buy a property in these communities, you automatically become a member of the association. Thus, you are subjected to the Homeowner’s association fees and regulations.
Who runs homeowner associations?
The community residents of the HOA run the association. They have a team of governors who oversee and enforce HOA regulations on a daily basis. These associations are different depending on amenities and services they provide.
How much is the HOA fee?
The fee can be as little as $100 or as much as $1000. If you are buying a house with HOA fee, you must do your homework and check how much you will be paying. This fee can change over time depending on repairs, additional services, and new amenities.
Advantage of homeowner association
The HOA will provide a lot of amenities and services. The types of services provided are different among associations and regions. However, the following are the most common amenities and services offered by many associations.
- Swimming pool
- Soccer fields
- Tennis court
- Golf court
- Snow removal
- Landscaping
Besides these services and amenities, the association can help the property and its owners by:
- Providing protection of the value of the property
- Include self-governance
- Set and enforce rules in the community
- Increasing the safety of the owner in gated communities
Disadvantage of HOA
Although the HOA has a lot of benefits to owners of properties, it carries some disadvantages. The following are some of those disadvantages.
- Unaffordable fee
- Limited options when it comes to renovations
- Bad management
- The fee could increase in the future
Should you fall in love with a property that is in the HOA? It is important that you dig deeper to know exactly what the association includes in their services and how much you will be paying. You could end up with a huge bill unknowingly.
