Ever had an agent deny to show you a home because you weren’t pre-approved for a mortgage? It’s not because they’re mean, or they don’t value your business… it’s actually because’
Fees Costs And Benefits Of Home Owners Associations
If you are planning to buy a residential property in City:Bellingham&beds=0&baths=0&min=0&max=100000000&map=0&quick=1&submit=Search" title="Search Properties in Bellingham">Bellingham that is a gated community or a planned property, you must be aware of the home owners association that looks after the maintenance of common areas. In most of the high rise buildings containing condos or apartments, there is inevitably an HOA that all owners of housing units compulsorily become members of. You automatically become a member of this group whose activities are funded by the members. The HOA governs the community through a set of laws and rules that are written and ask the members to conform to them.
Duties Undertaken by HOAs
An HOA performs many functions that can be regarded as valuable for the residents of the community. First and foremost, it is the responsibility of the HOA to look after the cleanliness and maintenance of common areas used by most of the members. These include the roof, the terrace, staircases, elevators, the sidewalks, swimming pools, tennis courts, gardens, and other areas that are deemed common. HOAs also normally take care of landscaping and in general take up activities that keep the property in a good shape.
Safety and security of the residents is also a responsibility of the HOA. It appoints security staff and also gets installed security and surveillance equipment. The HOA pays the salaries of not just security staff but also the gardeners, landscapers, and janitorial staff that it appoints. In many communities, the HOA organizes picnics and parties for the members. These events serve a very important social need of the members as they are able to acquaint with each other and develop friendly terms.
Costs Involved in Joining an HOA
However, all the duties and facilities provided by come at a price. Every member has to pay annual or monthly fee to be able to enjoy all the facilities. Make sure you learn about all the covenants and the restrictions placed by your HOA before buying the property. There can be rules about the color of the paint on the outside, pet number and size, and the manner in which you can use the empty area outside your unit or the roof. There are often restrictions on kids playing in the front yards and the number of cars that you can park in the drive way. Average fees charged by the HOA vary depending upon the kind of services provided by it. While the average annual HOA fee hovers around $2400, one can expect HOA fees in posh colonies to charge $100-$700 a month.
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