Once we get into escrow, there will be a number of documents provided by title about the subject property. One of these documents will be the HOA documents. The HOA or Home Owner’s Association of a community is there to help add to the community and maintain a quality of life.
HOA fees range depending on what is included in the HOA. It can be association management fees, maintenance of yard fees, pool or recreation area use, tennis courts, maintenance of common areas or buildings, parking garages and sidewalks among other items. Extra assessments that are not able to be covered through the funds may require an additional assessment fee.
An HOA also helps uphold the CC&Rs of a community. You need not have an HOA to have CC&Rs. But, with an HOA, the CC&Rs are likely more enforced.
Some things to look into when purchasing a home with an HOA: What happens if you violate a rule? Past minutes from meetings might show how non-abiding members of the community have been fined. Is the home you are purchasing in compliance with HOA rules? Are you willing to be a part of an HOA? What are the fees, and have they increased or changed at all? How large is the HOA fund? Are there any special assessments that have been completed or plan to be completed in the near future? What do the dues cover? What types of conflicts have come up in the past? Are there renting restrictions? Consider the long term financial affect HOA fees have on your monthly expenses.
I hope this answers some of your questions about HOA’s.
