Living with a Homeowners’ Association
HOA or a Homeowner’s Association are more and more common with the rise of housing developments in suburbs all over Ohio. While some developments do not have an HOA, many opt to have an organization to help to operate things smoothly and maintain the look and feel of a neighborhood. Before you buy a home, condo or townhouse in a development with a Homeowners’ Association there are some important things to know!
Top 5 HOA Things to Know
- You pay for a “membership” fee. If you have a home in a development with a homeowners’ association you will pay a monthly fee. This will typically cover maintenance of common areas like pools and fitness centers, and also may include landscaping and garbage removal fees as well. HOA fees can range from $100 and up depending on the value of your home and the type of development.
- Covenants, Conditions and Restrictions. These are part of the rules outlined by the homeowners’ association. As a resident, you agree to these rules. These can cover pets, home changes and more.
- Bylaws. The HOA bylaws can include rules for home maintenance, rules for holiday decorations, noise ordinances and more. It’s important to know and understand these rules and to make sure the home you are buying is not already in trouble with the HOA.
- Meetings. Homeowners’ association meetings are held on a regular basis. If you are considering buying a home or condo, get a meeting minutes copy or actually attend the meeting to see what it is like. These meetings are used to touch base and to reinforce rules and address concerns.
- Financial Statements and Records. A Homeowners’ Association must disclose financial statements and keep a budget. This is a critical part and can say a lot about how well or NOT well an HOA is ran.
Not every homeowners’ association is created equal! It’s important to research each one before taking the big leap. Just because you opted NOT to have a home in an HOA before doesn’t mean there isn’t one out there that is a good fit, it just may take some extra research.