Generally, it is quite important for you to know of some of the management practices of the Homeowners Associations, HOAs, more so looking at the fact that they do collect dues and set rules. As a matter of fact, your relationship with the Homeowners Association can be as reassuring but at the same time can be frustrating and at times may even have some risk in it. Generally, owning a home or a condo that is part of a homeowners association is quite beneficial but you need to as well know of the cons there may be in it for you to make a balanced decision going forward.
One of the benefits you stand to enjoy by your membership to a HOA is that the HOA will often foot the bills for some of the major projects and expenses you may incur on your property such as roofing and landscaping projects. The money that sets off these kinds of bills come from the dues that you are charged and are liable to pay as per the agreement. Over and above this, there have been reports that have shown that homes that are in HOAs sell at a better price as compared to the ones that aren’t.
Generally, like we have already pointed at above, if you are thinking of joining a HOA as a homeowner, it would be wise of you to take some time and research as much as you can on them, know of their bylaws and the management practices that they have in place. Read on for some of the things that you need to know of as you contemplate the move to join a HOA.
Know what it is that your money will be doing. Enquire what services they are that the HOA will be responsible for going forward under the agreement. Moreover, it is as well important to know about the financial stability of the HOA. Talking of this, it is to be noted that a HOA that is well managed should have enough funds for them to be able to cover even for the unexpected emergencies that may crop up. This should be such a particular concern for you where you may be looking at a HOA for a condo.
The other concern to mind as you look forward to joining a HOA is to know the board managers or property manager. It generally pays and would be wise to consider a HOA that is managed by professionals.
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