Homeownersassociations can preserve property values and offer amenities toresidents. However, potential purchasers should understand ahead of time anyfees or rules associated with living in a property governed by an HOA.Here are six questions that home buyers should ask:
Do the owners have to join? Not all HOAs aremandatory.
How much does it cost? Find out howmuch dues are and how often they are assessed.
Who should owners contact? An association maybe managed by a company or by its own residents.
What are the rules? HOAs adhere to a setof governing documents that include the rules and enforcement procedures, whichcan range from fines to liens to foreclosure for non-payment.
What do members get for their dues? Dues covermaintenance and amenities-this can mean landscaping, swimming pools, securitysystems, or even patrols.
When do the association directors meet? A 2011 law supportedby the Texas Association of REALTORS® mandates open records and meetings forHOAs.
If you would like more information about Homeowners Associations and how they work, please contact me at Jlyne@KW.com.