What is a HOA and What You Should Know About It
What is a HOA and Things You Should Know about it.
A homeowners association is an organization that makes and enforces rules for multiple-unit buildings like condominiums and townhouses and planned communities of single-family homes. If you buy a property with an HOA, you automatically become a member. You agree to abide by the rules and regulations and to pay dues, known as HOA fees. An HOA will usually have its rules in a document called a Declaration of Covenants, Conditions and Restrictions (CC&R). But all homeowners associations arenʼt the same in services or cost. In general, the more features included in the community, the more youʼll pay in HOA fees.
Condominium HOAs
A condominium is like an apartment you own. You own the interior of your property, but the HOA owns the exterior and all common areas.
Townhouse HOAs
A townhouse is single-family residence with at least two floors and at least one shared wall with another townhouse. Theyʼre most commonly found in urban areas where land is scarce and housing prices are high.
Single-Family Home HOAs
Although homeowners associations are usually associated with condominium and townhouse complexes, theyʼre also becoming more and more common for detached single-family houses that are part of planned communities.
What are the pros and cons of HOAs?
Like everything in life, there are good things and not-so-great things about belonging to a homeowners association. Youʼll need to weigh them carefully when deciding whether or not to purchase a property with an HOA. A well-run homeowners association is a blessing. On the other hand, a poorly run HOA can be a nightmare.
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