What do you need to look for when you buy into a homeowners association (or HOA)? Today, I’ve got some key things for you to think about.
What do you need to look for when you buy into a homeowners association (or HOA)?
Many of our clients who are purchasing townhomes or condos have questions relating to this subject, so I want to cover some information pertaining to that today.
The first thing you need to consider is the cost of the HOA fees. Buying a condo in downtown areas will likely be very expensive, but it will also come with amenities such as valet parking. The most important thing to understand is what is covered by the HOA.
Make sure any restrictions that are in place aren’t ones which would interfere with your lifestyle.
Do you have a pool, a doorman, or a fitness center? All of these items would be added to the fee you’re paying. Whether these items are worth it for you and your lifestyle may factor into your decision.
Also, remember to find out what the rules are of a given HOA before buying into it. There may be restrictions for things such as pets, rentals, and more. Make sure any restrictions that are in place aren’t ones which would interfere with your lifestyle.
Something to consider in regards to detached homes is whether you are content with the property’s exterior, since paint colors are often regulated by the HOA. You will have a very limited ability to customize your property within an HOA.
Finally, many wonder whether it is possible to get involved. This is an answer you can find out early on in the process with the help of your Realtor.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.