Q. I’m looking for a new home, and about half the communities in my area are governed by a community association. How can I find out if living in an HOA community is for me?
People choose to live in community associations for numerous reasons. Many owners value the inherent benefits of community associations, which are designed to manage common areas of the property, manage the property interests of owners, provide services for owners, and develop a sense of community through social activities and amenities. Yet community association living isn’t for everyone.
Do your due diligence by learning all you can about a community before you buy or rent a home in it. First, ask your real estate agent to see copies of the governing documents, including the bylaws or Covenants, Conditions and Restrictions (sometimes referred to as CC&Rs).
Next, take the time to talk to people who live in the community. Find out how they feel not only about the neighborhood, but also about how the community is governed and managed. Ask to talk to the president of the association, members of the elected board, or the professional who manages the community.
Don’t forget to check out the common areas. Are the amenities—pools, tennis courts, and playgrounds—well-maintained? Is there ample parking?
You should be able to answer the following questions before you buy or rent:
- How much are the assessments? When are payments due? How much are they likely to increase? What do they cover? What don’t they cover?
- Does the community have a viable reserve fund for major projects in the future?
- Are there renting restrictions?
- Do the architectural guidelines suit your preferences?
- What are the rules with respect to pets, flags, outside antennas, satellite dishes, clotheslines, fences, patios, and home-based businesses?
While assessments, rules, and regulations are important, don’t overlook other fundamental questions: Is it the right kind of community for you and your family? Does it fit your lifestyle and sense of community? Does it provide the amenities you want? Is it a good investment? The more you know in advance, the more likely you’ll enjoy your new home and community association.