Here's some background on HOAs to know before you buy your next home!Homeowners Associations (HOAs) often manage community interests, including maintenance of common areas and cohesion of community atmosphere, in a development.
Condominium buildings almost always have an HOA. Planned communities with common areas and amenities or the goal of adhering to certain standards often have HOAs as well.
Homeowners in the community are bound by the HOA guidelines contained in a set of bylaws. An elected board of homeowners governs the HOA.
How much does an HOA cost?
HOA fees range from a low annual payment to monthly charges. Fees can cover taxes, insurance, utilities, maintenance and even staffing for common areas, amenities, and security. It is important to understand what is, and isn't, included in your HOA payment.
The cost to homeowners is typically calculated by dividing total expenses among the number of individual properties. In some cases, like condos, costs may be prorated based on the size of the unit. HOA fees will be considered for qualification of your mortgage loan if you are financing your purchase.
What should I know before I buy?
It’s important to review all of the HOA documents before a purchase to ensure activities planned for the property, such as renovations or rentals, are allowed. The seller is required to supply you with all of the documents once your offer is accepted, by providing you with the "HOA Resale Package" for the community (which they purchase from the HOA management company). Some properties have more than one HOA, so you would be provided with the documents for each HOA in that case.
An HOA can enhance life in your community by taking care of common interests and protecting property values. If you have questions about HOA's or any particular community that you might interested in, let me know. My office is open 7 days a week for your convenience, and I'll be glad to help.
Laura Harbison, ABR, AHWD, BPOR, BS, CDPE, CRS, DRB, GRI, PSA, RSPS, SRES
Broker/Owner REALTY EXECUTIVES SOUTHERN NEVADA PROPERTIES
License Numbers B.0026537LLC PM.0164922.BKR