{"id":50553,"date":"2021-07-16T10:45:30","date_gmt":"2021-07-16T17:45:30","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=50553"},"modified":"2022-04-19T22:44:40","modified_gmt":"2022-04-20T05:44:40","slug":"buying-hoa-property","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/buying-hoa-property\/","title":{"rendered":"What to expect when buying an HOA property"},"content":{"rendered":"

Buying a property that\u2019s part of an HOA has its benefits and pitfalls. Be prepared for what you\u2019re getting yourself into by educating yourself on what HOAs entail.\u00a0<\/span><\/h4>\n

Homeowner Associations (HOA) can be a blessing or a curse depending on your lifestyle. If you\u2019re a young professional who loves the ease and convenience of <\/span>condo living<\/span><\/a> and doesn\u2019t mind the added costs or an empty nester looking to downsize and reduce your <\/span>home maintenance<\/span><\/a> responsibilities, it can provide the perfect lifestyle for you. On the other hand, if you don\u2019t want to adhere to <\/span>HOA bylaws<\/span><\/a> and want the freedom to make any changes to your house that you like, an HOA can be your biggest nemesis.<\/span>
\nIf you decide to <\/span>purchase a home<\/span><\/a> that\u2019s part of an HOA, you should be prepared. Know what to expect by educating yourself on the benefits and disadvantages of HOAs.<\/span><\/p>\n

What is a homeowner association?<\/span><\/h3>\n

A homeowner association is a legal entity that manages shared space. This shared space can be a condo\u2019s roof, garden, and hallways, a townhome\u2019s lawn and clubhouse, or a housing development\u2019s playground and <\/span>swimming pool<\/span><\/a>. The association collects money each month in the form of <\/span>HOA dues<\/span><\/a>.<\/span>
\nIf you\u2019re part of an HOA, assume that everything within the walls of your home is your responsibility. For townhomes and detached homes, your exterior and yard are also your responsibility. Aside from what is solely your responsibility, everything that is held in common, such as lawns and lobbies, are the responsibility of the HOA.<\/span>
\nIf you move into a property with an HOA, you are required to join the HOA and pay the monthly or annual fees.<\/span><\/p>\n

HOA Fees<\/span><\/h3>\n

HOA fees vary from association to association. It depends upon what the fees cover and how upscale the community is. Some are as low as $100 a year and cover only basic street cleaning or street maintenance. Others can run in the thousands per month and cover <\/span>luxury amenities<\/span><\/a> such as concierge service and valet parking.<\/span>
\nTypical HOA dues that fall somewhere in the middle of those two extremes help to pay for the upkeep of the common areas, which can include:<\/span><\/p>\n