There are several things to consider when you’re in the market to purchase a home. While you might be focused on the location, layout and similar things, you also need to consider other factors.
If the home is part of a homeowners’ association, it’s important to look into that HOA. You’ll have to pay fees and abide by the covenants, conditions and restrictions (CC&Rs) of the HOA. You should review the CC&Rs for the HOA so you know what rules you’ll have to follow. This could have a considerable impact on whether you opt to purchase the home or not.
What do HOA fees cover?
These monthly fees can be steep, and they can be increased annually. An HOA may also assess special fees on occasion. One thing that some people may want to know is why they need to pay the fees – especially if they don’t use all of the features that they cover, like a community pool.
Understanding what the HOA fees cover may help you to realize why you should pay them. They enable the HOA to pay for community features and needs. These include:
- Community amenities like pools and parks
- Lawn care for community areas
- Insurance covering public areas in the HOA
- Maintenance of common areas
- Utility services for common areas
- Reserve funds for unexpected expenses
- Pest control for the community
Ultimately, learning about the HOA may help you to determine if a specific home purchase is right for you. Making sure you have your rights protected is crucial if you decide to move forward with purchasing a home that’s in a HOA.