When buying a home, a question to consider is, do you want to live in a neighborhood that has a Homeowners Association (HOA) or not? If you’re a first-time homebuyer, you might be wondering what is a HOA?
A HOA is a legal entity formed by a real estate developer or established by the residents of a neighborhood or condominium complex. The HOA manages and maintains common areas and amenities in the community, such as parks, playgrounds, landscaping, swimming pools, to name a few. HOAs also have set rules and regulations, known as covenants, conditions, and restrictions (CC&Rs), that residents must follow. CC&Rs typically cover a range of issues, such as property maintenance, architectural guidelines, and noise restrictions. Violations of the CC&Rs can result in fines, liens, or other penalties.
It is important when you are looking for a house that you pay attention to the HOA fees-specifically how much they are and how frequently. Will your HOA fee be monthly? Quarterly? How much is the fee? HOAs typically have a transfer fee too when buying a home, that the seller usually pays at closing.
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