One of the more sometimes problematical aspects of owning a home in a new area is the fact that there are Homeowners’ Associations. For most people, you either love HOAs Homeowners’ Associations or hate them. On the one hand, they help keep the neighborhood neat and tidy. The corresponding negative factor is they can be rather restricting. Some people just can’t stand them but see them as a necessary part of living in a community Here are some facts about Homeowners’ Associations in case you’re thinking of buying a home where membership is mandatory.
Membership Is Not a Matter of Choice
If you live in a neighborhood with a Homeowners’ Association you have to be a member of the organization. One reason communities have an HOA is to keep the homes there looking nice and uniform. If some home owners don’t abide by the rules, it would make the HOA ineffective. That’s why you must join as a prerequisite to buying a home in a development that has a Homeowners’ Association.
HOAs Have Legal Power to Enforce Regulations
When you move into the development and become a member, you’ll probably receive a list of rules and regulations that you are required to observe. The HOA has the authority to enforce the rules of the development and even the city where you live. There are various disciplinary actions they can take for residents who violate the regulations including fines and, in some extreme cases, making the offender move from the neighborhood.
HOAs are Typically Corporations with Formal Rules
It may seem that HOAs are just people on an ego trip and who like making things difficult for their neighbors. But that’s not the way it is. The majority of Homeowners’ Associations are established corporations that have a financial interest in the community. The corporation then hires a management company to oversee the neighborhood and ensure residents are following the regulations. In some cases, the property management company has volunteers in the neighborhood to “keep an eye out” for violations of the regulations.
HOAs Frequently Offer Informative Newsletters
Is it important for you to keep up to date with new regulations and rules of your particular Homeowners’ Association? You might be lucky enough to have an HOA that publishes a community newsletter. An HOA newsletter usually tells about upcoming events and include such things as anniversaries, birthdays and interesting achievements or interviews.
It Will Cost You to Belong to an HOA
A common problem with Homeowners’ Associations is having to pay fees. The fees are used to pay the people who work in the neighborhood and keep it looking nice. Some HOAs pay landscapers to maintain lawns, and snow removal and other such services. The purpose of this, of course, is to keep the neighborhood looking uniform.
Homeowners’ Associations aren’t for everybody. Some individuals simply can’t get over the idea of living under some of the regulations imposed by HOAs since it seems to impose on their property rights as homeowners. Others, though, like the idea that that everyone is required keep their property looking nice. This helps make the area look good and keeps property values solid.
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