Important Considerations for Homeowners’ Associations, Part 1
by EM Admin
on Tuesday, October 8th, 2019 at 7:42am.
In a variety of property areas or communities, homes and multi-unit buildings are governed in part by what’s called a homeowners’ association. Abbreviated HOA, a homeowners’ association can cover a number of areas, from shared amenities and recreational facilities to property aesthetics and general maintenance, among others.
At Eagle Mountain Living, many of our homes for sale exist within communities that include HOA presences. In many of these cases, buying one of these properties means you are required to join the HOA, including paying its yearly fees and other costs – though there may be cases where this isn’t an express requirement. In this two-part blog, we’ll go over several important areas to consider when it comes to HOAs, from the costs they bring to the services they cover and important considerations to keep in mind.
The first big item to consider is the cost of HOA membership fees, which can range from under $100 per month all the way to $400 per month in some cases. This fee number will directly relate to the kinds of services provided by the HOA – if only minor road maintenance or other similarly mild areas are covered, fees will generally be lower.
If services include shared amenities and other high-end services in the community, on the other hand, fees may be far higher. Before purchasing in this area, confirm that the fees are reasonable within your budget and go toward services you really need and desire.
On top of basic fees, some HOAs may perform regular major property upkeep areas, including landscaping and several areas of interior maintenance. They may also cover big upgrades, such as roof replacement or a plumbing overhaul for a multi-unit building.
In some of these cases, the HOA might ask for additional contributions from residents on top of their standard monthly fees. Before joining, be sure of whether this sort of thing is allowed within your HOA and whether it’s common, as it could impact your budgeting.
One important factor to be aware of: Some HOAs may restrict certain areas, whether we’re talking fence height and landscaping considerations or color restrictions for the exterior of your home. The goal here is to maintain a consistent and attractive layout for the entire community, but you should make sure you’re well-versed in what these restrictions are before signing up so you don’t come across a surprise down the line. One important group of restrictions to check on is occupancy restrictions, particularly if you’re looking to rent your home – some HOAs may block this practice.
For more on what homeowners’ associations do and what you need to know about them before purchasing a home within one, or to learn about any of our property listings or real estate agent, speak to the staff at Eagle Mountain Living today.