At Thornburg & Associates, Inc., we have extensive experience in the real estate industry, and we know one of the things that can influence someone’s decision to rent or buy a property is whether the neighborhood has a homeowners association. In this article, we will go over some key things that you should know about homeowners associations in order to make the right decision for your needs.
- Homeowners Associations Often Have Restrictions. Many homeowners associations have what are called covenants, conditions and restrictions, or CCRs, which place various limits on the property owner and tenants. CCRs often limit the types of alterations you can make to the property and restrict things like how many pets the tenants can have. The goal of these regulations is to keep the property values in the neighborhood high.
- Homeowners Associations Charge Fees. Another thing to know about homeowners associations is that they charge membership fees. These fees will vary from place to place, but the average is around $250 per month. In high-end areas, the HOA fees are often even higher, exceeding $500 per month.
- Homeowners Associations Provide Services. The third thing you need to know about homeowners associations is that they use the fees they collect to provide a variety of services. For example, your HOA fees typically go toward maintenance services for the neighborhood’s common areas, such as community centers or pools, as well as landscaping services to keep the grounds looking nice.