If you’ve recently moved into a home that is apart of a homeowner’s association or HOA then you probably have questions about what it is and what it does. in order to help you answer these questions we found this article that we hope will answer all of your questions!
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From the article:
About 20 to 30 percent of home buyers purchase properties within common-interest developments, commonly referred to as homeowners associations (HOAs). Before weighing the pros and cons of owning a property in an HOA community it???s important to understand what HOAs are, how they are governed and how they affect a homeowner???s bottom line.
Here are some basic facts home buyers should know.
What is a common-interest development?
In a common-interest development individual owners typically share some parcel and the buildings on that parcel as co-owners. A common-interest development would generally be a condominium building, a town home community or lofts, or could be a single-family home community, private neighborhood or other similar arrangement. Buyers in the development or building agree to live by the community rules and regulations.
These regulations mean that as an owner you have certain rights and restrictions as outlined by development documents commonly called CC&Rs (covenants, conditions and restrictions). The CC&Rs govern your allowed ownership, use and behavior at the property ??? everything from use of your unit to parking restrictions, insurance, architectural rules, paint colors, storage of RVs or boats, pets, allowed inhabitants and more. These rules and regulations can be changed, subject to approval by a majority of the owners.
Have questions about homeowner’s insurance? Then checkout this article about homeowner’s insurance that could be of interest to you.
Read the entire article here: http://www.zillow.com/blog/homeowners-associations-primer-152704/