WHAT IS A HOMEOWNERS ASSOCIATION (HOA)? An HOA is a self-governing organization in “common-interest” communities where homeowners collectively pay fees to maintain the units or neighborhood. HOA’s are typically run by resident homeowners elected to a board of directors that oversee the HOA’s management.
The HOA governs properties by a collective set of rules and bylaws and enforced by the association. Among these are that each property owner is required to pay HOA fees that cover the use and maintenance of common areas, such as swimming pools, parks, and communal lawn maintenance.
COMMON HOA FEES AND COSTS: At a minimum, homeowners have to pay their portion of the cost to operate the association, which can include:
Landscaping and maintenance
Pest control.
Garbage pickup
Parking
Shared utilities (e.g., in common areas)
Safety and security
Common Amenities, e.g., Swimming Pools, Club House, Tennis Courts, and Golf Courses
Neighborhoods with extensive amenities usually charge considerably more than those that enforce rules and restrictions.
BE SURE TO CAREFULLY REVIEW ALL HOA DOCUMENTS TO MAKE SURE YOU CAN LIVE WITH THE RULES AND REGULATIONS.