Here on the Space Coast, there are plenty of neighborhoods and condo establishments that feature a Homeowners Association, especially in Viera, Rockledge, and beachside areas. Typically, a Homeowners Association is set up in planned communities in order to create a baseline for common aesthetics and collect money for communal spaces. Depending upon a person’s own individual perspective, HOAs can be viewed as either a burden or a benefit. Before purchasing property within a Homeowners Association, it’s a good idea to be acquainted with what the HOA requires along with what it offers.
Rules and Regulations
All Homeowners Associations establish a set of rules, some very basic and others more specific. These rules may include anything from vehicle parking restrictions to acceptable paint colors. Many residents appreciate knowing that these types of regulations have been set up by the HOA. For instance, they like knowing that neighbors cannot decide to put a hot tub in the front yard or paint their house neon orange. The HOA will often elect representatives to help enforce the rules that have been decided upon by the majority. If individual homeowners fail to comply, a fine may be issued, depending upon the HOA laws.
Fees and Assessments
Living within an HOA community will definitely come at a cost. Depending upon the neighborhood, HOA fees could be due monthly, quarterly, or yearly. Condo associations usually require monthly HOA fees because they include the maintenance of common spaces such as pools, clubhouses, lawns, and other amenities. Neighborhoods with single family homes may just require a small HOA fee yearly for the upkeep of signage areas. Before purchasing in an HOA community, it’s important to budget for the monthly fees, and also set aside money for possible additional assessments. A community may require assessments for expenses outside the normal budget, such as roof replacement, parking lot pavement, or balcony work—all of which can be quite costly. Ideally, an HOA sets money aside for these big items, but not always. If possible, ask your realtor to get you a copy of the HOA bylaws and budget, in order to make the most informed decision about your home purchase.
Camaraderie and Community
With the increasing individualism in our culture, some people appreciate the neighborly appeal of a Homeowners Association. Having an HOA can produce an atmosphere of “we’re all in this together” within the community. Associations usually schedule regular meetings where neighbors are encouraged to attend in order to address issues that affect everyone. Those meetings are a great way to get to know neighbors and form a support network. These days, that type of connection is becoming more and more rare, so an HOA community can be rather comforting and homey.
Since all HOAs run differently, if you’re looking at a property within an HOA community, it’s best to know as much information about that particular association as you can—rules, fees, meetings, enforcements, and more! As always, our team at Coastal Life Properties is here to help. We have extensive experience with HOAs and can often help you come up with answers to questions that you may not have even thought of previously. Give us a call today!