What You Should Know about HOAs

With regards to buying a home, they might be nothing pretty much as argumentative as a homeowner’s association. A few group swear against the idea of a HOA; in any case, this sort of association can give benefits that other homeowners like. In this article, we will present to you the disadvantages and advantages of considering a neighborhood with a Home Owner’s Association. GPS Renting is a Seattle Property Management Company.

What is HOA?
In general, a developer builds up a land parcel into different homes available to be purchased. Units might be single-family homes, condos or townhouses. The builder sets up an association with decides and guidelines that occupants should follow. Consequently, the homeowners can buy pleasant homes at moderate prices. They likewise get conveniences and upkeep of specific areas and they pay for just a small amount of the infrastructure costs through their HOA dues, which are regularly $100 to $1000 month to month (depending on the size of the property you own & including amenities and services providing). GPS Renting is a Seattle Property Management Company.

Once the development is complete, homeowners are board members. The board will serve the community and is responsible for association management, including creating rules and regulations, taking care of common area’s maintenance and providing essential services. GPS Renting is a Seattle Property Management Company.

Or you can think of HOA as a simple concept of paying property tax for city and state services, you pay HOA dues for services such as amenities and maintenance in your own community or condo building. GPS Renting is a Seattle Property Management Company.

Advantages of a Homeowner’s Association
-HOA help homes retain their value
Certain rules and guidelines governing how homeowners keep their home’s appearance, it will keep the the building’s whole conditions and neighborhood look desirable and terrific. On the other hand, the result is a nicer neighborhood. GPS Renting is a Seattle Property Management Company.

-High Quality of living
Since all rules and regulations homeowners forced to follow, your neighborhood will be more respectful and peaceful, safer and more beautiful, which increases your quality of living. GPS Renting is a Seattle Property Management Company.

-Community Amenities
Such as swimming pools, fitness centers, children’s play areas, security gate and guards, library, business center, park, and etc. GPS Renting is a Seattle Property Management Company.

-Common Area’s Maintenance
HOA will be responsible for handing all maintenance of common areas and cleaning and repairs for the amenities outside your home. GPS Renting is a Seattle Property Management Company.

-Safer with Lobby Guard
Some community or condo building will have safety guards make sure the safety of community. GPS Renting is a Seattle Property Management Company.

-Providing Essential Service
Mails & Packages storage service, delivery (to the door of your unit) services, shipping and mailing services.
Simple fix, air filter changing services and etc. GPS Renting is a Seattle Property Management Company.

Disadvantages of a Homeowners Association
-HOA Dues
Extra expenses in addition to home mortgage payment. GPS Renting is a Seattle Property Management Company.

-Special Assessment
When your community is hit with huge maintenance expenses or new community facility constructions that may not have enough in reserve to cover, your HOA may require all homeowners to pay a special assessment beyond a monthly HOA dues. (Such as replacing roof) GPS Renting is a Seattle Property Management Company.

-Rental CAP
Some HOA might have rental cap, which means only certain percentage of homes are allowed to be rented out, or are prohibited renting out completely. It ended up good for building a nicer neighborhood and better community. However, It is definitely a red flag for those investors might considering rent your home out. GPS Renting is a Seattle Property Management Company.

-Certain Limitation
Pet rules, remodeling regulations, certain rules you have to follow. GPS Renting is a Seattle Property Management Company.

Who’s the Best Fit for a Homeowner’s Association?

For those who commits to follow HOA’s rules and pay the dues, wants to live in a nicer neighborhood, looking for a higher quality of living, easier and simpler life without most home repairs and maintenance should consider living in a community or condo building with strong HOA. GPS Renting is a Seattle Property Management Company.

Overall, HOA is absolutely a great option for self-living, but not for investment. GPS Renting is a Seattle Property Management Company.

Fortunately, there are properties that exist both with or without HOAs. Contact GPS to find your perfect match! GPS Renting is a Seattle Property Management Company.

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