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Homeowners Association - A Consideration for Home Buying



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By : Vicki Hat    99 or more times read
When buying a home, you may encounter a lot of homes being managed by a Homeowner's Association. Some subdivisions and mostly in homes with cooperative ownership, a HOA exists to ensure the satisfaction of every homeowner.

Homeowners Association or HOA exists for the following reasons:

  1. To maintain the quality of the surroundings.
  2. To regulate the activities in the neighborhood.
  3. To manage conflicts among homeowners.
  4. To improve the neighborhood.
  5. To retain the quality of life that the developers of real estate has promised in the beginning.

Homeowners Association takes the place of the developer. They do not operate for profit. However, they collect fees among their residents in order to carry out their operations and projects.

Although the existence of such organization may sound great, but in reality not many homeowners are happy with their existence. Since they control and regulate the community, some of their by-laws may be just unacceptable for some people. And there are also the fees. In a difficult time like this, you are probably cutting back on your expenses. Some HOA fees are expensive and can become a little too much to pay at times of hardship.

Critique HOA before Buying

It does make sense if a person evaluates the kind of HOA running the neighborhood. The way they operate has direct impact on how you manage your own home or even how you can behave within the society. If you are the type of person that hates restrictions or paying fees, living in homes with HOA may not be a good idea. Or else, you may just face troubles in the future. You cannot just bend the rules. This can lead to payment of fines. And opting not to pay them could actually force the organization to put a lien on your property. That's how they roll. And they can even legally enforce such law if it is stated on their CCRs.

Therefore, one has to be really careful in buying a house. The least thing you want to happen is to live in a dream home and feel bad with the rest of your stay. Lucky for you to get a property with HOA that has been so involved with the community. But if you fail to know how they operate before committing to buy the property, you may end up getting robbed. You can pay HOA fees and see minimal or no improvements in the community. You may even not get the promised services that supposed to be rendered if you the fees regularly. They may give it to you but there could be delays. This can happen in the case of poorly managed communities (with HOA officers getting their wallets fat while the rest suffer).

Don't get blinded with the beauty of the property. Check the HOA first before making the purchase. Get a copy of their CCRs and read them well. Do not forget to ask around about their performance. Get testimonies from the people living within the community. If they have a lot of positive things to say, then for sure their HOA is good to them.

Lastly, look for the obvious. Check out the surroundings and the available services within the neighborhood. If everything is in good shape and if the services are visible, then the HOA they have may have delivered what they promised.

When everything satisfies you, go on with the purchase. But just don't go buying without investigating about this matter.
Discover more real estate tips Foreclosed Homes in Apache Junction AZ, Foreclosed Homes for Sale in Tempe AZ and Scottsdale AZ Foreclosed Real Estate.

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