FAQ’s of HOA’s: What Is A HOA and What Are The Pros and Cons?
Did you know that HOA stands for a homeowner’s association? A home owner’s association is an organization in a subdivision, planned community, or condominium building that develops regulations/rules for the properties and residents. The purpose of the HOA is preserving and the community’s property value, ultimately making it better. Regulations are based on the overall appearance of the property: the cleanliness, condition and any repairs. The biggest CONS are fees and restrictions. According to Investopia, “HOAs are responsible for tasks such as ensuring the building is regularly maintained, deciding on whether to pursue larger renovation projects, and drafting and enforcing the building’s bylaws. In order to fund its operations, HOAs charge their members monthly HOA fees, typically in the range of $200 to $400 per month. HOAs also have the authority to enforce the community’s bylaws, such as by imposing fines on residents who refuse to comply.” Typically the fees associated with HOA include repairs and general upkeep to the following:
The cost varies on HOA fees simply because the fee is dependent upon the property itself and the amenities provided.
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