Ask the HOA Expert: HOA Know How
When you purchase into a homeowner association (HOA), you automatically become a member and obligate yourself to financially support the operation and obey the rules. That said, few buyers take the time to examine the information to make an informed decision. Here are some of the basic Know Hows: HOA Fees. As a member of the HOA, you will pay fees to support management and maintenance. High rise condominiums and HOAs with clubhouses, pools and parks typically have higher fees than those with few common elements. If the HOA does not have and fund a reserve study (30 year plan for major repairs and replacements) for common elements like roofing, painting, asphalt, decks and fences, a special assessment will be charged to each owner that can run into many thousands of dollars. Since boards of HOAs that don’t follow a reserve study tend to react rather than plan, these special assessment can happen with little notice and the financial obligation will fall on all owners, inc...