The Up’s and Down’s of A Home Owners Association (HOA)

 

Home owner associations or HOA’s have become very common and can be a valuable tool for the maintenance of the community.  HOA’s are created by a developer of a community for the purpose of managing and enforcing the covenants and restrictions.  These bylaws keep the community appearance the same no matter who is in charge of the HOA.

 

Association boards appoint corporate officers, and may create subcommittees, such as "architectural control committees," pool committees and neighborhood watch committees. Association boards are comprised of volunteers from the community who are elected by owners at the annual meeting to represent the association and make decisions for all homeowners.

 

In a neighborhood with an HOA, typically there is a fee per year that covers different costs in the community.  These costs may include lawn maintenance, pool maintenance, or road maintenance. Some associations are, quite literally, towns, complete with private roads, services, utilities, amenities, community buildings, pools, and even schools.

 

The upside of living in a community with a HOA is you know what is expected of you from the moment you sign the contract for purchase of the home.  There is an expectation the buyer has when buying a home with an HOA; that you know the standards to which you and you neighbors will be held.  Most HOA’s do not allow RV’s or cars in the front lawn, the grass has to be maintained, and the outside appearance of the home looks maintained as well.

 

A possible downside to living in a community with an HOA is an over zealous neighbor, who may cite you when ever he or she notices a slight infraction.  You might have a neighbor who does nothing but complain at every HOA meeting, therefore disturbing the peace of the neighborhood.  I have found that some buyers feel that once they have bought their home, they are entitled to do with it as they please.  HOA’s limit that freedom and tell you what you can and cannot do with your property.

 

All in all, home owner associations can be a valuable asset to a community.  It provides a system of checks and balances and also provides a sense of security for home owners.

 

Content Found at:

http://en.wikipedia.org/wiki/Homeowners'_association