Everyone is familiar with the term “HomeOwners Associations”. The phrase conjures images of manicured lawns, spotless parks, and community pools for the neighborhood. While all that is correct, people also think of high fees and restrictive rules when they hear HomeOwners Association. In reality, those are just a few things you should know about HomeOwners Associations. Continue reading to learn what else you should know about them.
SHARED INSURANCE RESPONSIBILITIES
In some states, homeowners association’s are required by law to assume certain homeowner insurance responsibilities. You should be aware of what your HOA is required to cover by law before purchasing a home. Ask your realtor exactly what insurance responsibilities your HOA will be covering.
ALWAYS CHECK IN TO YOUR HOA’S REPUTATION
A great way to get the feel of how your homeowners association likes to operate is by looking at their reputation before moving in. Utilize resources like online searches and shared community common areas to dig deep and discover exactly how your HOA likes to treat its residents.
WHAT ARE YOUR HOA’S CC&RS (COVENANT, CONDITIONS, AND RESTRICTIONS)
Your HOAs CC&Rs are essentially the bylaws that your homeowners association will operate on. Keeping this document handy and reading it thoroughly is a great way to remain informed and aware of what you can and cannot do. Everything from fees to restrictions are listed in your CC&R. Get a copy from your real estate agent before you move in and keep it handy.
CURRENT ISSUES YOUR HOA IS INVOLVED IN
To get a great view of how your HOA handles situations, you should be aware of any current or ongoing issues they are involved in. You can discover this information either from your realtor or by contacting the HOA as a prospective homebuyer. Most homeowners association‘s will be more than happy to explain what they are going through to any new resident.
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“Passionate about delivering exceptional experiences, I’ll guide you through your real estate journey”, ALI BAKIR, CEO OF MORPHEASY LUXURY REALTY
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