8 things you should know about homeowners associations - WFLA News Channel 8

8 things you should know about homeowners associations

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TAMPA, FL (WFLA) - Are you considering moving into a housing development that has a homeowner's association?

Here are eight things to consider first, according to HOA USA, an organization that educates people about homeowner's associations.

1) Be sure to do background research on the homeowner's association.

2) Know who is in control. Most of the time, the homeowner's association is a non-profit corporation that is governed by a board of directors. Only 20 percent of associations hire a professional management company to handle day-to-day operations.

3) Be sure to read the homeowner's association's governing documents before making an offer on a residence.

4) Review the financial records of the homeowner's association. Make sure there is an adequate reserve fund for projects and repairs that could come up in the future.

5) Know how much the monthly homeowner's association fees are.

6) Remember that HOA laws vary by state and can be complicated. It is better to be educated about the laws than become involved in an expensive lawsuit.

7) Remember that the HOA board has the authority to assess fines and restrict access to services. HOA boards can also place liens and foreclose on properties.

8) Know that if you purchase in a community that has HOA issues, you do have options: you can accept the issues, make things better by becoming involved, file a lawsuit, or move.

For more information check out the HOA USA website http://www.hoa-usa.com/



 
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