When it comes time to buy a new home, there are plenty of details to learn. However, one option has long been confusing for many new homebuyers – homeowners associations (HOA).
While not every house will be under the control of an HOA or have the fees attached to it, it can be beneficial to understand what it means for those that do. Guidry & Company Real Estate is here to make sure you walk into every potential property with a clear understanding. That is why we have compiled a guide to provide all the necessary information about homeowners associations and HOA fees.
What is a Homeowners Association?
A homeowners association is an elected board of people, most often volunteers, who usually reside within the community and oversee multiple aspects of a neighborhood regarding the quality of life for those who live within it.
At its core, a homeowners association is meant to increase the value of its neighborhood. HOAs are responsible for setting rules for the properties within their communities, ensuring a certain standard of living. These may include pre-approval requirements for exterior home renovations or limits on front yard landscaping.
HOAs are also responsible for creating budgets to fund neighborhood maintenance when applicable. Even with this brief introduction to HOAs, it is important to remember that the specific rules can differ from one community to the next. So, ask your REALTOR® about the requirements for any HOA neighborhoods you are interested in.
How Do HOA Fees Work?
When it comes to the well-known HOA fees, these fluctuate from one neighborhood to another, just like the rules and regulations. The more amenities a homeowners association offers to those under its umbrella, the more a homeowners yearly HOA fees could be. This information can often be a significant determining factor for potential home buyers.
With Guidry & Company Real Estate, you will always be aware of HOA fees before a sale, as they must be discussed on the day of the sale. They can often be prorated to account for the months that a homeowner wasn’t in their new home. For example, the HOA fees for a homeowner who moves into a house in November will be significantly lower that year than for a homeowner who moved in during March.
Guidry & Company Real Estate Keeps You Knowledgeable
If you like having a well-kept neighborhood and extra support from fellow homeowners, an HOA community may be right for you. However, this decision should be made once you have all the information. Guidry & Company Real Estate’s knowledgeable REALTORS® will help you become informed about the properties you like. Learn more about how we can help you purchase your next property by visiting our website or giving us a call!
