Homeowners Association – Its Rules and Regulations
It is crucial that anyone desirous of acquiring a home- condominium or any townhouse should take cognizance of the various rules governing such locality. HOA, managers the affairs of the community you are desirous of.
To be able to able to live peacefully in this community you need to join the HOA and abide by their regulations. Therefore it would be wise to learn the majority of HOA rules governing that locality before you buy your home in that vicinity.
These rules are different from one area to another. So take some minutes to consider the following six rules prominent to you as member of the homeowners’ association in your new community.
In order not to get your family into unplanned expenditure, you should take keen interest in the fees and the rate of increment. You should ask your estate agent thorough details about the various fees to be incurred from the HOA. And how those fees are regulated, mode of increment, ten year historical review of increment of such levy and the strength of the HOA pulse. Find out the monthly fee and exactly what it covers. You can compare the fees with that of two or more neighborhoods to get a feel of your choice, having in mind that you would also pay for other things like recreational facilities [you might need to check those facilities to know their level of maintenance] like swimming pools and tennis courts.
Know how HOA resolves controversy:
Be sure that the HOA president is the kind of person you want. Also know from the minutes various politics played among members. Clarify properly if the HOA is governed by private managers or residents.
How do I know my managers?
It is always recommended that before you buy your home, know the managers and how competent they are? If possible find out if the HOA is privately managed or if it is managed by the residents. If it is managed by a private body, research that company and know its competence in such field. Talk to the president of the HOA to determine his skills and his person. Find out his passion for the community and how active is he or her. From your discussion you should be able to know if his activeness will cause you problem with the use of your property.
You may need to find out if there has been history of law suits. That is, if the HOA has sued any residents. This you can find out from residents of the community. You may need to find out the aftermath.
Reading the past minutes will aid you to know the history of the HOA board and probably the power hands in the board. You can then determine if you are interested in the community or not.
Disaster prone areas:
Find out the insurance the HOA has on the building, in case of such occurrences.
Know your budget:
Know if you can afford the fees that need to be incurred. Consider it on both the short and long term period.
Just be alert to the rules before you venture into purchasing such property.