Are you a first time homeowner searching for a , or you are looking for a new home but haven’t lived in a place where there was a Homeowners Association? You many not be sure what all a homeowners association does or why they can be helpful to have. If you are looking at homes with an HOA or are considering if that is something you would like to have for your new home, Parry Custom Homes gives an overview on what an HOA is and what to expect in your new neighborhood.
When searching for a new home, you may notice that many homes include an HOA fee in the monthly or yearly dues, depending on the development. Whether it be a monthly fee or a yearly fee, not everyone knows what a Homeowners Association does or why it is important to them.
HOA’s were created to help ensure that the community you buy your home in looks its best and functions as smooth as possible. For example, if you have a community swimming pool and the pump in the pool stops working, you need someone to be able to fix that issue ASAP. This is what the HOA is in place for. They will call someone to come take care of it before the water turns green or becomes toxic.
Today, nearly 1 in 4 Americans live in a community where an HOA is in place. Back in 1970, only 1 percent of people lived in an HOA community.
To cover the fees of running the neighborhood and keeping the amenities, services and conditions in order, your HOA will collect either a monthly or yearly fee that goes towards these expenses. For a typical single family home, HOA fees can cost homeowners around $200 to $500 per month, depending on the services they are providing to you. Some communities may be much less or much more if lawn care or other “extras” are or are not included in your HOA agreement.
If you are planning on buying a home within an HOA run community, be sure to read over their rules before signing your life away to the home. Some HOA’s are stricter that others and ban any additions that you may have considered adding to your home. These can be things such as pools, fences, storage sheds, and even the paint colors used on your home.
Typically, the larger the home is the more the HOA fee will cost. This is because the larger the home and the more people in the home, the higher the cost will be to keep the amenities up.
All HOA’s have boards that are made up of homeowners in the neighborhood and are typically elected by all of the homeowners in the community. The board members gather to discuss major decisions and issues within the community. For any major expenditures, the members of the HOA typically will vote.
An HOA can be a great benefit for your new home when you understand the rules and requirements needed for your community, to keep it looking nice and running smooth for the long run.
Parry Custom Homes is an established homebuilder in the Pittsburgh area. Call or contact us today for more information.