The following homeowner association tips will help first-time buyers take advantage of all the benefits the HOA has to offer:
Tip #1 – To ensure they make an informed decision, homeowners need to educate themselves prior to signing a purchase contract. They need to stay informed of all issues related to the HOA as long as they own their property. Arming oneself with knowledge will help you avoid costly misunderstandings.
Tip #2 – Before making their home purchase in a HOA, first-time buyers must carefully evaluate all governing documents. These documents include, by aren’t limited to, the Covenants, Conditions and Restrictions (CC&Rs), By-Laws and Regulations, Meeting Minutes for the Prior Year, the HOA’s most recent Financial Statement, and more. These documents will outline all the rules everyone must abide by and the restrictions enforced by the community.
Tip #3 -- New homeowners must understand their financial obligations to the HOA. Monthly dues may be billed for common HOA expenses such as grounds maintenance, pool service, fitness center operation, road and sidewalk maintenance, security, management fees and more. In addition, special assessments may be imposed if the HOA members approve a major expense.
Tip #4 -- Many HOAs hire professional management companies to help manage the association and improve the quality of connections between homeowners and boards. First-time buyers should evaluate the management company’s services and reputation within the industry.
Tip #5 -- New homeowners should identify all the community amenities by looking at the HOA website and visiting the site to evaluate the condition of the pools, spas, tennis courts, fitness centers, game rooms and more.
Tip #6 -- First-time buyers should consider the number and quality of community resources in place that will help them connect with their neighbors, including organizations, events, activities and more.
Continue to read the HomeownerResource.com Blog for more Homeowner Association Tips.