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Wonder what that HOA is really doing for you? Is it a benefit?
According to a survey carried out by the Community Association Institute, over 26% of homes are registered under a Home Owner’s Association. That is over 65 million Americans who live in communities controlled by a HOA.
When purchasing a property or building governed by a Homeowners Association a home-buyer will be required to sign a disclosure stating that they have read the rules and regulations of the HOA and any deed covenants (restrictions) that buyer will need to agree to. Some HOA’s will also require a potential purchaser to make application and be approved by the HOA to purchase.
HOAs are really corporations that govern planned residential developments and oversee and manage the neighborhood common areas and amenities. That incredible pool area – managed by the HOA. The miles of walking trails – managed by the HOA. In addition, HOA management will ensure that the property owners all obey the Covenants, Restrictions, and By-Laws of the community.
Who Are They?
Elected by homeowners, the Homeowners’ Association is managed by a board of directors, charged with performing the following functions.
As it is the case with most associations, the Homeowners Association contains offices as well as directors. Some of its managerial hierarchy includes
While the president is the leader and oversees all the community affairs, the secretary keeps records, and the treasurer handles the association’s finances.
What are Their Responsibilities?
The Homeowners or Condo Association is charged with setting a monthly or annual condominium or homeowners’ fee, used to maintain the property as well as its common areas. Some of the properties in the area are often in need of maintenance works including
With great positions comes great responsibilities especially for an association made up and run by just 3-5 board members. It is evident they may require any professional help available to run their day-to-day activities. In situations such as this, they have an option to hire the services of a property manager.
Advantages and Disadvantages of the Homeowners’ Associations
The importance of the Homeowners’ Association is visible in the communities and neighborhoods they control. They build up these communities to par all in a bid to safeguard the property values and investments. Considering fees are charged on all members of the HOA with no exception to its directors, the money collected is geared towards improving the area or buildings or better still used to add amenities.
Most of the Associations succeeding day are doing so because of covenants, conditions as well as restrictions they created for their common good. With no exception to the HOA, these covenants, conditions, and restrictions are well placed in an attempt to maintain property value and the curb appeal of the area. That way, a homeowner cannot collect junk on their front lawn without violating HOA rules.
On the hand, some HOAs puts forward some stern covenants. For instance, with their power, they can refrain homeowners from using
It should be worthy to note that, each HOA is unique, but the residents are obliged to follow and obey the rules and of course, there are penalties on offer for those who fall short. The penalties range from mare warnings to fines or worst-case scenario if the homeowner fails to pay fees, the homeowners association could force the property into foreclosure.
Carla Goddard👩💕 Realtor®, GRI 💕
New 🏡Construction Specialist
Relocation Specialist to🌴☀️
Berkshire Hathaway HomeServices FLPG
Contact Carla Goddard - a Local Community Expert for your connection to New Home Construction. Call today at 813-716-4498 or email Carla for more information and to schedule your private showing.
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