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Home Owners Association and Fees

Home ownership associations most times are first arranged for by the developer of a residential neighborhood or multi unit (condominium) development. The developer sets the guidelines in concert with their vision for a successful community then passes the responsibility for governing the association off to the homeowners who have bought the units. The goal of the association is to protect the integrity of the community, govern the members of the community through democratic meetings, and collect and maintain monies that are charged through monthly fees.

The home owners association charges fees in accordance with projects that need to be done in the community, and the keeping of reserves, or savings in the event of sudden need for repairs to the community. Common areas or common assets to the tenants of the community such as landscaping, exterior lighting and painting, hallways, swimming pools, clubhouses, roofs, stairwells, and walkways need to be maintained by the HOA. Each homeowner may have their own vision for the community, but the governing body holds meetings, and takes votes to determine planning.

Before purchasing a home, look into whether or not there are any homeowners associations and or fees that come along with them. It should be very easy to determine.