Dealing with Homeowner’s Associations
A home buyer that is looking at properties like condos or in neighborhoods with many extras within the neighborhood are likely looking at properties with homeowner’s associations. A homeowner’s association is an added cost for a homeowner and they must abide by the rules set by the association. It can be restricting for a homeowner who wants absolute freedom with their property, but it is helpful for those that like a well-maintained neighborhood.
Defining a Homeowner’s Association
The job of a homeowner’s association is to keep the neighborhood or building looking and running its best. This includes reminding homeowners to keep their lawns neatly trimmed, avoid any decorations that do not abide by the guidelines and keep strict rules for what homeowners may do with their properties.
A homeowner’s association is helpful for areas with extra amenities in the neighborhood. Parks, pools, and community locations need to be maintained by someone. Homeowners rarely have the time to do this maintenance and it is up to the association to complete these projects.
Costs of a Homeowner’s Association
Since a homeowner’s association is complete projects and maintaining the neighborhood there are finances involved with the program. Homeowners must pay into the homeowners association if they live in the area. Some associations collect the entire amount at once for a year while others will break it into a monthly fee.
The average fees for a homeowners association can be two hundred to three hundred dollars a month. This can change drastically according to how large the property is and how involved in the community the homeowner’s association is. The association will also help with real estate problems and maintenance.
The fees that are charged to homeowners are more than what the association needs to complete their everyday tasks. Extra money is put into a reserve for any emergency situations that need to be taken care of. If there is not enough money in the reserve the association will ask homeowners for an assessment fee that is added onto monthly fees to make up the difference.
Their Function
Members of the homeowner’s association are made up of the homeowners in the area. They will meet to discuss problems, decisions, and any emergencies. For major expenses, the association and the homeowners will meet to vote on the final decision.
The homeowners who live with a homeowner’s association have to follow the covenants, conditions, and restrictions which are known as the “association guidelines.” These guidelines will tell homeowners how their lawn and house may appear to the rest of the neighborhood. If they fall out of these guidelines the association will speak with them to rectify the problem.
Homeowners Who Do Not Listen
Breaking the rules in a homeowner’s association can cause major corrective action to take place. The association may foreclose on the property or evict a resident if they do not pay their dues. Similarly, they may enforce these consequences if residents do not follow the rules outlined in the CC&R.
Being part of a homeowner’s association means gaining access to amenities that are well cared for. The neighborhood will always be well maintained and those that fall out of the guidelines will be asked to fix their problem or move. This means that homeowner’s associations are great for those that do not mind rules and guidelines to ensure a well-functioning neighborhood.