Home Owner Associations
When moving to a new residence buyers should ask their Realtor whether or not the residence has a Home Owners Association. Both single family residential homes and condos/townhomes could be situated within an area covered by an HOA. If the development has HOAs the perspective buyer should research how much the fee is per month and what it includes. For example, a single family home, in a neighborhood, might have an HOA fee to cover common grounds but not cover any expenses associated with your individual property. A condo/townhome might have HOA fees that cover common grounds and shared exterior property such as roofs and fences. When researching HOAs you should also read the CC&Rs for your development. CC&Rs are the Codes, Covenants and Restrictions, that are typically enforced by the Home Owner Association. Your Realtor can help you obtain all of the HOA documents prior to purchase for your review. Typically this would include the CC&Rs, the bylaws, the current budget, board meeting minutes, current newsletters and insurance information.
For further information, see the following links: