Many people have questions about HOA fees when buying or selling condos & townhomes. This is due to the many controversies that they encounter when they first hear about them. It is important to understand what these fees are before deciding to purchase property that is a part of an HOA. Here are some questions concerning this topic.
HOA stands for Homeowners Association. This association is founded by the developer of the community and is usually a not for profit organization. They may be run by those who live in the neighborhood. They make decisions on the maintenance of the building and plan social function for the community. The also have certain rules for living in the community so that everyone can live in harmony.
The fees that are paid by the condo owners help to maintain these social functions and the maintenance of the building. So if the building has any facilities or if the lawn needs to be taken care and the garbage collected, the fees help to pay for them. The fees also help to pay for a master insurance policy that covers any damages that might occur to the building itself.
What are the reasons for homeowners not paying their dues? - This may be because they may be short on cash and the state of the economy. But, many times the homeowners do not think that it is necessary to pay the fees. They do not think that the state of the building they live in will reflect badly on them. In the end they may convince themselves that the maintenance is the sole responsibility of the members of the association or the owners of the building.
When a person does not pay their fees, this can cause a number of issues. The association can take the homeowner to court even though the property that they live in belongs to them. Even if they decide to sell the property or end up in foreclosure, they may still have to pay the HOA fees and this payment is applies to them an not the association.
One of the main reasons why a person decides to buy a home that is in a Homeowners Association, is the maintenance free living. Sometimes a person may be too busy to deal with the duties that come with taking care of a house. Another case might be baby-boomers who want to be able to own a home, but do not want to maintain it themselves.
If someone decides to be part of an association, it is important to be considerate of the work that has to be done to maintain the building that one lives in. Attending meetings every once in a while can help to ensure that you are aware of what is taking place. This can also be done before you actually decide to join so that you can have a feel for what it is like and if you really want to be a part of it.
Not everyone is suited to being part of a co-op. Some families actually like to do their own clean up around the house, shovel their own snow and take care of their own lawn. Others really do not care to do so and prefer to leave that to someone else. Before joining however, one should make sure and read up on all that they can before making a decision.
HOA stands for Homeowners Association. This association is founded by the developer of the community and is usually a not for profit organization. They may be run by those who live in the neighborhood. They make decisions on the maintenance of the building and plan social function for the community. The also have certain rules for living in the community so that everyone can live in harmony.
The fees that are paid by the condo owners help to maintain these social functions and the maintenance of the building. So if the building has any facilities or if the lawn needs to be taken care and the garbage collected, the fees help to pay for them. The fees also help to pay for a master insurance policy that covers any damages that might occur to the building itself.
What are the reasons for homeowners not paying their dues? - This may be because they may be short on cash and the state of the economy. But, many times the homeowners do not think that it is necessary to pay the fees. They do not think that the state of the building they live in will reflect badly on them. In the end they may convince themselves that the maintenance is the sole responsibility of the members of the association or the owners of the building.
When a person does not pay their fees, this can cause a number of issues. The association can take the homeowner to court even though the property that they live in belongs to them. Even if they decide to sell the property or end up in foreclosure, they may still have to pay the HOA fees and this payment is applies to them an not the association.
One of the main reasons why a person decides to buy a home that is in a Homeowners Association, is the maintenance free living. Sometimes a person may be too busy to deal with the duties that come with taking care of a house. Another case might be baby-boomers who want to be able to own a home, but do not want to maintain it themselves.
If someone decides to be part of an association, it is important to be considerate of the work that has to be done to maintain the building that one lives in. Attending meetings every once in a while can help to ensure that you are aware of what is taking place. This can also be done before you actually decide to join so that you can have a feel for what it is like and if you really want to be a part of it.
Not everyone is suited to being part of a co-op. Some families actually like to do their own clean up around the house, shovel their own snow and take care of their own lawn. Others really do not care to do so and prefer to leave that to someone else. Before joining however, one should make sure and read up on all that they can before making a decision.
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