If you’re considering buying inside of a homeowners association (or HOA), there are five things you need to know.
1. What are the monthly costs? In our area, this expense can be between a couple hundred per month or even $1,000 per month depending on what is covered.
2. What is included? If you are paying $500 a month, you’re going to want to know what you’re getting for that money. Some HOA fees cover utilities, offer parking, or include security. The amenities covered by your monthly fees will vary depending on your HOA.
3. What are the rules? Often, HOAs have restrictions that need to be considered before you move. For example, some HOAs have rules against pets of a certain size. It’s important you know what the rules are before making your decision to move.
4. Are you happy with the exterior? More than likely, you won’t have any control over the exterior of your property. So, you need to be happy with how things look from the start.
5. Can you get involved? Joining a committee or the board of directors could help you have a say in what happens within the HOA.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.