What Does a Homeowners Association Do for Your Chandler Real Estate Property
A homeowners association, or HOA, is a legal entity created to help maintain property value in the community or common area. To do this, they have the authority to enforce deed restrictions. You’ll find HOAs in most condo developments and many neighborhood subdivisions also have associations. These are often created when the division is first constructed.
A homeowners association will establish a set of covenants, conditions and restrictions that are issued to every homeowner. These rules are then enforced to help regulate and maintain the value of the properties under the HOA. Here’s a list of a few common features of an association:
• HOA membership is mandatory for all owners in the development.
• Membership requires a mandatory fee or set of fees.
• The association has the authority to enforce maintenance and design standards above and beyond those established by the state and city.
• A homeowners association is usually a corporation with formal bylaws. It will often have a governing board and hire a property management company to handle the upkeep of the development.
• Around 50-million Americans live in communities with HOAs, and more homeowners associations are formed every year.
In Chandler, every community is different. However, most homeowners associations cover a certain number of basic maintenance tasks. They collect the various fees necessary to run neighborhood operations. They keep up community landscaping and recreational facilities. An association will often provide space for events and neighborhood functions. In some places, they provide for security. Street maintenance is usually a priority for an HOA. But, the function that impacts homeowners the most is when an association enforces community deed restrictions for exterior home maintenance, commercial use of the homeowner’s property, and control of trash or blight. In these cases, the homeowner must correct the violation.
Does an HOA Make Sense for You
Only you can make the choice to live in an HOA community or not. Some homeowners find associations to be a benefit that protects their home-buying investment. Others consider associations as something of a burden. Before you buy a home in an area managed by a homeowners association, take the time to do a few simple things.
• Read up on the HOAs rules and understand how they apply to the home you’re planning to buy.
• Find out what the HOA dues are. Once you buy the home, membership in the association is mandatory. Dues can range from trivial to incredible, depending on the community.
• Check to see how often the dues have been raised by the HOA. Will you be able to afford an increase in the future?