Do you think your neighbors ever wonder where the monthly association dues are going? Is it all going into the flower bed at the front of the subdivision or are substantial neighborhood improvements underway? Just how good a job is your homeowners association is doing?
With thousands of homeowners associations operating communities throughout the country, it is a question that is being asked by more and more homeowners.
Over the last 20 years, there has been an explosion in the growth of communities with homeowners associations and mandatory memberships.
Unlike the membership in some organizations where you can resign if you’re unhappy, these memberships are mandatory for as long as you own a home in the subdivision.
So what is your association doing to help you? Since you’re in it for the long haul, shouldn’t you have a voice in where your dues are going?
When buying a condo, you are joining a group of people that own the condo complex together, sharing responsibility for repairs and upkeep of the common areas and systems in the building.
One of the things that you need to evaluate is the health of the Home Owners Association (HOA). You will already know the home owners dues for the condo you are purchasing,
but what do those dues include? Is the association proactive about maintenance? Is the association well-funded so that it can take care of potentially large repairs in the future?
As a condo owner, you will become a voting member of the association and will have the opportunity to be a potential board member,
so it is important to take a closer look at how the association is run.
Every condo has a set of rules & regulations that the homeowners agree to live by. These cover a wide variety of topics like quiet hours, pet policy, rental policies, etc. These rules are difficult to change, so make sure that you are comfortable with them before agreeing to become a resident.
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