When contemplating a property purchase within a homeowners association (HOA), it's crucial to assess both the benefits and potential limitations. Here are vital questions to consider:
-What amenities does the community offer, such as pools, fitness centers, and recreational spaces?
- Does the HOA cover tasks like mowing, snow removal, and pest control?
- How does the HOA handle repairs and maintenance for shared facilities and infrastructure?
2. Potential Restrictions
- Are there restrictions on interior and exterior remodeling projects? What approvals are required?
- What are the guidelines for yard maintenance and landscaping choices?
- Can you use your property as a rental? Are there limitations or approval processes for tenants?
- Are there restrictions on pet ownership in terms of numbers, breeds, or weight?
- Does the HOA permit home-based businesses?
- What are the rules for resident and visitor parking?
3. HOA Management
- Who serves on the HOA board? Is professional management involved?
- Review recent board minutes and financial statements. What projects are planned, and what are the financial reserves?
- How often have dues been raised or special assessments imposed?
Asking these questions helps you make an informed decision about the property and HOA before making a purchase.