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HOA Yay or Nay
Dated: June 26 2020
Homeowners Association is an organization in a planned community or subdivision that creates and administers rules and regulations for the residents and its properties. It will be worthwhile to know the pros and cons when considering being a member of an HOA. When planning to join the ranks of the 20 percent of Americans who are living in an HOA, let’s address the pros and cons first.
What are the Rules?
Homeowners Association decides on their own rules, declaration of their covenants, CC&Rs in relation to the behavior & responsibilities of the residents, and their building condition. Since they are incorporated, HOA is tied to state laws. If you do not welcome the idea of someone advising you that your home must meet the standards set and you cannot transform your entire yard into a go-kart pathway, then, the HOA may not interest you. Usually, breaking the HOA rules will resort to a fine or even a lawsuit for non-compliance. Also, even when you go about writing to the association if you do not agree with a certain rule, there is no guarantee that the HOA will side with your sentiments.
Fringe Benefit & Niceties
You get the perks of using the pools, shared amenities, community centers, gyms, tennis courts, walking trails or parks by paying the required HOA fee.
Saving on landscape and cleanliness normally falls under the responsibility of the HOA. Mostly, they provide services such as lawn care, garbage takeaway, and snow clearance.
Although everyone gets to enjoy well-kept common areas, residents are required to keep their individual property spic-and-span to meet the guidelines provided by the HOA. Either that or you get a fine or lien.
On to the HOA Fees
The fees which range from below $100 to several hundred are paid either monthly, quarterly, or yearly. These charges are used for the enhancement and community upkeep. While it is a fee that you will know about forthright, problems can sometimes arise when HOAs will need a budget to initiate a costly project or complete major repairs. You have to make sure you stretch your budget for HOA’s reserve funds.
The main concept of HOA is community development, however, you must check the facts if board members actually accomplished any projects by reading their bylaws. Requesting a copy of the budget is a really good idea, to begin with, to see if the HOA is being managed effectively. Furthermore, amenities add value to your home, although you must consider if it suits your needs as well.
Read more of our informative blog posts, we add new articles about real estate on the Oregon Coast every week.
Meet Taj Richardson: I have lived on the Oregon Coast since 1994. I graduated from Nestucca High School in 1996. After several years in college and traveling, I made my way to Lincoln City in 2003. I ....
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