What exactly is a homeowners' association (HOA)?
There are approximately 370,000 HOAs in the United States, encompassing more than half of all primary residences. Unfortunately, most people only hear about HOAs when issues arise, such as dues hikes or controversial regulations. So, what does an HOA do, and why might your community benefit from one?
Misunderstanding often occurs when people need to fully grasp the rules before moving into an HOA-governed area. Imagine owning five cars but moving into a neighborhood with a two-car parking limit. To avoid such conflicts, it's crucial to consult your real estate agent about HOA regulations before finalizing a property purchase.
The ultimate goal of an HOA is not to generate conflicts but to preserve and potentially increase property values. Bylaws and covenants shape the HOA's functions, while a volunteer board of directors oversees operations. Professional HOA management companies like Saunders HOA Management assist the board in managing daily activities.
Yearly meetings enable homeowners to engage in decision-making, providing a platform for board member elections if needed. In essence, the HOA works to the advantage of its homeowners by focusing on property value preservation.
If you're part of an HOA or contemplating joining one, click the link below for a complimentary workbook highlighting key focus areas and red flags your association should be aware of.
CEO Saunders HOA Management