HOA, Community Associations, & Property Owner Associations homeowners associations are a way for developers to maintain a presence in a community once everything is built. Even more, developers will introduce an HOA to their latest project as a means of marketing, managing, and selling homes and lots. Homeowners associations are typically formed by the same real estate developer who is responsible for the community in the first place it’s a way for them to keep tabs on the community and ensure it continues to flourish. So while there are fees to worry about, they typically improve living conditions and sometimes even increase nearby homes’ value. Also, homeowners must pay monthly or annual dues, which are typically reintroduced to the community in the form of improvements. Therefore, those who buy into a home governed by an HOA will be required to obey the governing documents and By-Laws. Generally speaking, subsequent buyers must become a member of the association - that is, if they want to call that specific location their home. They are typically put in place by the original lots’ developer and eventually handed off to the homeowners after selling a predetermined number of lots. Homeowners associations are relatively simple organizations. However, if you’d rather have the final say in what you can do to your home, it may be in your best interest to avoid communities with HOAs. If you can get behind the idea of letting an HOA regulate certain aspects of homeownership, the HOA fees that go into bettering the community may be worth the cost of admission. Some HOAs, for example, will limit the colors you can paint your house or even require you to maintain an inherent level of curb appeal.Īll things considered, homeowners associations typically add to the value of a neighborhood. Additionally, some homeowners associations are highly restrictive they have a say in what homeowners can and can’t do to their own homes. Those that buy into a neighborhood with an established HOA are automatically enrolled and forced to pay dues that typically support community improvements. However, it is worth noting that while HOAs can drastically improve neighborhoods through steady regulation, they come at a price. However, the exact status quo is entirely dependent on the area in which a home resides-nonetheless, most HOAs focus on preserving and enhancing the homes within their jurisdiction. In other words, homeowners associations are nothing more than elected individuals tasked with maintaining an area’s status quo. Homeowners associations typically consist of a board of directors that local homeowners have elected to maintain predetermined rules and regulations. The definition of an HOA is simple enough: it is an organized group of homeowners within a particular subdivision, condominium, or planned unit development.
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