If you have found a new home that you like but was told that you have to pay homeowners' association fees, you may be considering not purchasing the home. You should not make this decision, however, until you understand what an HOA is, and the many benefits it can offer to you. Below is some more information about this so you can decide if you would like to purchase this home for you and your family.
What an HOA Is
A homeowners' association is a community developer that oversees the selling, managing, and promoting homes within one neighborhood. This is usually done while the neighborhood is being developed. Once the HOA is in place the responsibilities are handed over to the people living in the community and the developer has no legal responsibilities for any issues that may come up after this time.
People are asked or they may volunteer to serve as an HOA board member. Once the members are in place they will make decisions pertaining to the community. In most cases, these decisions have to do with services offered by the HOA, talk with residents that file a complaint, collect HOA fees, maintain areas that are within the neighborhood, and enforce rules set by the HOA.
Because the HOA board is so important, in many cases HOA board members will hire a homeowner's association management company to work with them. This company charges a fee so the residents in the neighborhood are charged a fee to cover these costs.
There are many benefits you will find with an HOA two of which are listed below:
Neighborhood Is Nice
Residents that live in a community that has an HOA are required to take care of their yards, such as with mowing, weed eating, and keeping their yards picked up. The rules will likely state you have to keep up with your home's exterior, such as repaint when needed, as well as make other repairs.
Neighborhood is Safe
In many cases, an HOA neighborhood will have some type of security in place. For example, there may be a neighborhood watch set up so there is always someone watching out. Many communities have a security gate so no one gets in or out without a key card or if they do not have a code. There may be a guard at the gate at all times.
If you have questions, talk with the HOA for the area you are considering purchasing your home. For more information, talk to a professional like Duval Realty Inc.