If you’re looking to buy a condo or a townhome, be prepared to pay for the HOA that comes along with it. A Homeowners Association is an organization in a subdivision, planned community, or condominium that makes and enforces rules for the properties in its jurisdiction. If you’re thinking of buying a property that has an HOA, it’s very important to examine all of the association’s documents to determine if it’s a right fit for you.
First things, first – how do you feel about HOA rules? Although the rules are only a small part of an HOA, many people turn away at the thought of “being told what to do.” But your HOA fees pay for so much more than enforcement, including maintenance, repairs (on shared facilities), safety, and privacy. In fact, there are usually more positives than negatives when it comes to an HOA.
When looking into an HOA, there are important questions you need to ask that you may not think are important until it’s too late. An example would be hours of use for shared facilities, such as the pool or a recreational area. If you work hours that don’t match the typical 9-5, will you still be able to use the shared facilities or will they be locked up? Another thing to take into consideration is guest parking and how many spots are allotted to each unit. If parking is tight, you may have to rent an extra parking space and is that something you’re willing to do? If they allow pets, are there any restrictions to keep in mind, like weight or breed?
As you can see, an HOA is something that takes serious thought. Even if you find a gorgeous home, if the HOA doesn’t fit your lifestyle, it could lead to unhappiness down the road. At Alaris Properties, we work hard to find you a place you’re completely happy with and we can help explain the ins and outs of an HOA. If you have any questions, feel free to give us a call today.