Buying a new home or similar property is a tedious job when you want everything to be of a perfect match. Alongwith with your home you want good roads, clean streets and all modern yet basic amenities to lead a happy and stress free life.
Homeowner Associations (hoa) is one such association that is at your rescue serving all these facilities at your doorstep. This comprises of minimum dues that can vary from $100 to $1000 depending on your locality and amenities that they are serving you. Paying “hoa Insurance” to your Homeowner Association relieves you off from tedious jobs that eats up your valuable time like keeping building clean and maintaining hygiene in the neighborhood. It is liable to keep common interest areas of the neighborhood like parks, pool, gym, roads etc working smoothly and maintaining them properly.
Such community based association helps in maintaining a quality life and living in a harmony together with all the members of the community as a whole. Responsibility is shared together by all the members of the community like using the gym, pool, park etc and keeping them clean and using the amenities properly.
But along with all the benefits come along with some rules and regulation that a resident of the community need to abide. These rules serves as common and every single member follows them to keep things going in a smooth manner.
Things to keep in mind while buying property governed by Homeowner association:
1) The very first primary thing to consider before buying a home in community is to enquire about the fee that you will be obligated to pay once you buy a house and joins customary homeowner association. The more the amenities and more posh the area you need to pay higher fee. This can be monthly and yearly fee depending upon the community you wish to purchase property.
2) After enquiring about the fees, one must know all the rules and regulations of the homeowner association that need to abide by once you decide to settle down with the property you are looking for. Knowing all rules and regulation beforehand buying makes it easier for you as a customer to make decision about the property.
3) Enquire about the coverage it provides you. Different Homeowner association has different coverage of the problems that need to look into what they are going to provide you with the benefits. Are they beneficial to you and satisfy your needs and worth the money that you are spending for the amenities.
4) Sometimes living in the society governed by homeowner association becomes a headache when they want you to spend on some renovations that you don’t consider any important, and then it seems like dictatorship that you will have to somehow abide by whether you like it that way or not. It is better to look into these matters beforehand and decide accordingly whether you can easily put up with particular homeowner association.
5) Although it is tough to search the right property for you that serves your purpose and is the worth of your money that you are paying for the amenities and facilities that you require and use not the one that is of not much use to you, paying them only adds to your burden rather than being beneficial and useful. Paying heed to these small details before actually figuring out the property that you wish to buy helps in saving your extra bucks and saves you from possible future unnecessary expenditures.
6) Alongwith the fee matters of the community also consider how often do they increase their fee whether the increase yearly or half- yearly or once in two year, which will enable you to decide appropriately your budget requirement. Whether the property you are looking for in a particular community is in your budget or not.
Keeping these small little things in buy will surely land you in right deal and help you seal the deal in no time. Scrutiny the available options to the best option within your budget and requirement that you are actually looking out for your dream home to come true.
Written by Ruchi Gupta