What You Need to Know About HOAs

When you purchase a condo, townhouse, or any other type of property that is in a planned development you are obligated to join a community's homeowners' association and pay fees. These fees could occur monthly, quarterly, semi- annually, or annually. These fees are for the upkeep of common areas and buildings that those in the community share. Before jumping into a purchase make sure to do your research because there are more to HOAs than you might think.

1. Do the Research

HOA fees usually range from $200 to $400 a month depending on the community. Most times, the more upscale the community is, the higher the fees will be. The association can charge extra if a cost has to be cover.

2. Read the Covenants and Restrictions

HOA's manage the common areas and amenities by enforcing its covenants, conditions and restrictions. Review these documents before purchasing a property. These rules can limit anything from improvement or alterations you can make. They even can restrict the type of pets you can have.

3. Read the HOA's bylaws

These bylaws dictate in fine detail how the associate will operate.

4. Get a hold of the HOA meeting minutes

This will help you get up to speed on what the HOA's plans are for the community. They will also tell you what the HOA is currently working on.

Learning more about the HOA's a community has can sometimes be a deal breaker in many cases. Make sure you do your research before purchasing a property in a community with HOA's and it will save you a lot of future headaches. If you have any more questions or are wanting to buy or sell a home please contact me, i'd be happy to help!

Elaina Musleh

Bif Ward Real Estate Group

Talk to Tucker

Direct Cell: (317) 650-5898

ermusleh@gmail.com