A HOA is a way for you as a homeowner to be confidant that your community will be kept by a particular set of standards. HOA rules are intended ensure that owners comply with regulations that affect the neighborhood, and impact the community lifestyle. An HOA board is often comprised of elected members, who themselves are homeowners in the community.
Though you will pay HOA dues, having your community governed by a ruling board can be an asset. Noise levels are kept down, neighborhood standards are kept up, and the common areas are respected. In spite of these advantages, there are some questions that you’ll want to keep in mind
A HOA has rules and regulations that establish what can or cannot happen with respect to its homes. These rules also effect what can occur in the common use areas. If you’re considering a buying a Gilbert home which is part of a HOA, make sure that you have reviewed the HOAs standards. The HOA rules will limit your choices once you’ve moved in, so please be aware of restrictions that effect:
Other concerns for you include finding out if there is an existing lawsuits that the HOA is involved in. If there is, seek expert advice on how the particular lawsuit will potentially impact the HOA, and its homeowners.
Be certain that you’re also aware of any upcoming assessments, and whether the current owner is willing to pay them off as part of your contract, you will need to speak with your realtor about this.
Finally, find out what the monthly HOA dues are, how the dues are used, and how much money the association has.