HOA Basics

The Home Owners Association (HOA) is an important element that provides each condominium owner with a true sense of personal comfort and security.

The HOA is responsible for the care and maintenance of all common areas to include landscaping, exterior paint, roofs, and also the general cleanliness of areas outside each owner’s condo home.

An owner-elected board runs the HOA. The board consists of a President, Vice President, Secretary, Treasurer, and generally a person who oversees all maintenance responsibilities.

Here are a few things you should know before purchasing your new home:

   How much are the monthly HOA dues?
   What are the general rules of the HOA?
   Are there any special assessments due now or in the near future?
   How strong are the reserves?
   Is the budget adequate?

A well organized HOA will have a strong impact on the steady increase in resale value.