Thinking about buying a home in a community with a Homeowners Association (HOA)? HOAs can provide great benefits—like maintaining common areas and enforcing neighborhood standards—but they also come with rules and fees that can impact your lifestyle and budget.
Before you commit, here are four key questions you need to ask to make sure an HOA community is the right fit for you. (
Not all HOAs are created equal. Some cover exterior maintenance, while others leave that up to the homeowner. Before signing on the dotted line, get clear on:
Some HOAs operate on a studs-in vs. studs-out model, meaning they either cover repairs up to your interior walls or leave everything beyond the common areas up to you. Knowing this upfront will save you from unexpected costs down the road.
You don’t want to move in and suddenly face a massive hike in HOA fees. Ask for reserve studies and financial statements to get a sense of:
If the HOA is low on funds, you could be hit with higher dues or special assessments to cover costs.
A special assessment is an extra charge the HOA imposes when big repairs or improvements are needed—and it’s on top of your regular HOA dues.
Find out:
These assessments can add hundreds to your monthly payment, so knowing about them upfront is crucial.
HOAs have their own set of rules, and they can impact your day-to-day life. Some key policies to check include:
These rules can make or break your experience in an HOA community, so don’t skip this step.
An HOA can be a great asset or a potential headache, depending on how it’s managed. Asking the right questions upfront will help you avoid unexpected costs and restrictions that don’t align with your lifestyle.
Need help navigating the home-buying process? Let’s chat! You can book a Buyer Roadmap Session to go over your options and plan your next steps. Have questions? Feel free to call or text me at 503-303-0822.
And if you found this helpful, subscribe to my YouTube channel for more real estate insights!
The post 4 Must-Ask HOA Questions Before Buying a Home appeared first on Living Room Realty.
Before you commit, here are four key questions you need to ask to make sure an HOA community is the right fit for you. (
1. What Does the HOA Cover (and What’s Your Responsibility)?
Not all HOAs are created equal. Some cover exterior maintenance, while others leave that up to the homeowner. Before signing on the dotted line, get clear on:
- Who maintains the roof, siding, and exterior repairs?
- Are landscaping and common areas included?
- What expenses will you need to cover out of pocket?
Some HOAs operate on a studs-in vs. studs-out model, meaning they either cover repairs up to your interior walls or leave everything beyond the common areas up to you. Knowing this upfront will save you from unexpected costs down the road.
2. How Financially Stable Is the HOA?
You don’t want to move in and suddenly face a massive hike in HOA fees. Ask for reserve studies and financial statements to get a sense of:
- Does the HOA have enough money in reserves for major repairs?
- Have there been recent financial struggles or budget shortfalls?
- Are HOA fees expected to increase soon?
If the HOA is low on funds, you could be hit with higher dues or special assessments to cover costs.
3. Are There Any Special Assessments?
A special assessment is an extra charge the HOA imposes when big repairs or improvements are needed—and it’s on top of your regular HOA dues.
Find out:
- Are there any current or upcoming special assessments?
- How much will they cost, and for how long?
- Can the seller cover a portion of it in the sale?
These assessments can add hundreds to your monthly payment, so knowing about them upfront is crucial.
4. What Are the HOA’s Rules and Restrictions?
HOAs have their own set of rules, and they can impact your day-to-day life. Some key policies to check include:
- Pet Restrictions: Are there breed or weight limits?
- Rental Rules: Can you rent out your home in the future?
- Exterior Modifications: Can you paint your front door or add a fence?
These rules can make or break your experience in an HOA community, so don’t skip this step.
Final Thoughts
An HOA can be a great asset or a potential headache, depending on how it’s managed. Asking the right questions upfront will help you avoid unexpected costs and restrictions that don’t align with your lifestyle.
Need help navigating the home-buying process? Let’s chat! You can book a Buyer Roadmap Session to go over your options and plan your next steps. Have questions? Feel free to call or text me at 503-303-0822.
And if you found this helpful, subscribe to my YouTube channel for more real estate insights!
The post 4 Must-Ask HOA Questions Before Buying a Home appeared first on Living Room Realty.