You found that perfect home but are concerned about that HOA?
Please don’t worry. There is usually more benefit to an HOA than cost, but certainly, do your homework and ensure you are not buying into unnecessary drama. Here are some tips to consider…
What is an HOA, and how does it typically work? An HOA’s primary purpose is to maintain and improve upon the governed property over time and provide enhanced buying power with vendors or service providers. In addition, HOAs allow homeowners to voice feedback or concerns over the immediate area surrounding their property. One of the most essential things HOAs can do is protect all residents’ property values and sanity by establishing clear and consistent rules for everyone to follow.
Things to look for
- Does the HOA collect dues? If so, what are the amounts and frequency?
- Are there rules governing the amount and frequency of HOA fee increases?
- What do any potential fees cover? Services? Maintenance? Common Area?
- What are the rules about individual residences?
- Review the HOA history and culture – how is the Board structured?
If you have any questions or need assistance with a property, you can reach Gina Morgando directly at 941-773-7355.