Homeowners associations can preserve property values and offer amenities to residents. However, potential purchasers should understand ahead of time any fees or rules associated with living in a property governed by an HOA. Here are six questions your buyers should ask:
Do the owners have to join? Not all HOAs are mandatory.
How much does it cost? Find out how much dues are and how often they are assessed.
Who should owners contact? An association may be managed by a company or by its own residents.
What are the rules? HOAs adhere to a set of governing documents that include the rules and enforcement procedures, which can range from fines to liens to foreclosure for non-payment.
What do members get for their dues? Dues cover maintenance and amenities—this can mean landscaping, swimming pools, security systems, or even patrols.
When do the association directors meet? A 2011 law supported by the Texas Association of REALTORS® mandates open records and meetings for HOAs.