Are you considering buying a home in a community with an HOA? According to HOA-USA, there are more than 350,000 HOAs, representing some 40 million households nationwide.
What is an HOA? An HOA, or homeowners association, is an organization in a subdivision, planned community or condominium complex that makes and enforces rules for its properties. When purchasing a home with an HOA, you’re responsible for paying monthly or annual fees for the upkeep of common areas and building maintenance costs. The benefits of HOA membership are a more low-maintenance lifestyle, access to neighborhood amenities and a uniform community appearance. Before you make an offer on a new home with an HOA, here’s what you need to know.