Many of you have heard the term “HOA” before, but what does
it really mean for you as a potential homeowner? HOA stands for Homeowners
Association. It is an organizational body that governs small housing complexes
or communities. You become a member when you become a resident of a subdivision
or condominium complex that has an HOA. Not all complexes or subdivisions have
HOAs, but if it does, then joining and abiding by its governing policies is
typically a condition of purchase.
As a potential buyer, you should consider the specific
regulations and fees that result from HOAs before you make an offer. These are
not standardized and can vary widely from complex to complex or subdivision to
If in a subdivision, your fees will cover things like
architectural control enforcement, community pool maintenance, communal
landscaping maintenance, and other services. In a condo, sometimes things like
the roof, and exterior of the building are considered communal, so HOA fees are
charged for their upkeep. Additionally, part of the fee may cover other
amenities such as a gym, security, or lounge within the building. While some may find HOAs to be overly restrictive and
excessively expensive, they do provide some level of protection to the residents.
On the whole, a recent survey determined 75% of residents were satisfied with
their HOA. For starters, they are neighborhood-run. There is typically a board
from which homeowners elect members to serve on. This gives homeowners some degree of control
over what kind of neighborhood they want to live in. It also is said to provide some level of
uniformity that may protect property values. Additionally, homeowners may have
exclusive access to recreational amenities that they may not normally be able
to afford to maintain on their own, such as a private tennis court. When searching for your home, and considering your monthly
mortgage payments, HOA dues should be taken into consideration. In downtown
Seattle, for example, HOA dues in condominium complexes can range from
$250.00/month to upwards of $1,000/month. It will depend partially on your square
footage in the building typically. In some neighborhoods, especially master planned communities
like Issaquah Highlands on the Eastside, HOA dues can vary depending on a home’s
value. It is particularly important that you delve into the specific policies
before making your decision to purchase. As always, Team Troy buyer’s agents can help
you navigate this tricky territory and help you make an informed decision about
your new home. Give us a call today: 206-745-3457
Author:Troy Anderson Phone: 206-940-2834 Dated: December 6th 2013 Views: 3,374 About Troy: ~Married with 2 children
~Turned grey prematurely
~Fetish for all things Apple
~Urban chicken far...
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Frequently, when talking about any new real estate market, you go in b
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