When you are planning to buy any type of property, no matter if it is an apartment or a house in any community, you are forced to join that community`s homeowners association (HOA). You need to pay some fees for becoming a member of HOA.
Let’s see what HOA is. The fee for the service is about 300$ and the more classy your building is, the higher your fee will be. If there are additional expenses, such as new hallway, the association may charge you to pay more. And sometimes it even becomes thousands.
HOA can also set up its own rules which you may don’t like.
What You Need To Know
Before joining such a community, you need to know some information about them.
1.Learn the HOA’s rules.
Before buying a property, you need to know the rules of the association. Know their regulations and restrictions beforehand.
2. Make sure the home you want to buy is not already out of compliance with HOA rules
Knowing the rules of the HOA, you can make changes in your house if it`s possible.
3. Assess environmental practices
If environment is important for you, you need to be sure that HOA does not have any restrictions on installing solar panels or using chemical fertilizers.
4. Consider your temperament
You better know for sure that the association will not control you.
5. Find out about fees
Each community has fees and they vary. So here are some general questions for you to ask:
• How much is the fee?
• Ask if you need to pay for any additional service.
• How often the fee gets increased?
• Ask about the plans for the near future.
Find out if you need to pay for facilities you are not going to use.
6. Try to get a copy of minutes from the last meeting or take part in a HOA meeting before you buy
It is a very good idea to be presented in their meetings. You can ask some questions about the chargers, conflicts and their results. You canals meet the top authorities.
7. Watch for under-management
The knowledge about the association’s management will tell you if there is someone who cares about the repairs and other changes in the community.
8. Find out what kind of catastrophe insurance the HOA has on the building
If you think you are purchasing a property in a place which is safe from natural disasters then you are mistaken. So better know what kind of insurance you will have.
9. Consider the impact of HOA fees on your short-and long-term finances
A simple apartment with high HOA fees in the end can cost you a lot.
HOAs can protect you from dangers or can stifle you with high fees for things you do not need with their tight rules and restrictions. So before making purchase, be sure that you know what you can get.