Sometimes, when people are looking to purchase a home, they want to live in a certain community. Many established home developments are great because they offer amenities and a community feel. There are plenty of pros to buying in a development but you should also be aware of the additional fees that may be associated. It is important to know that when you purchase a home or townhome in certain housing developments, you may be subject to homeowners association fees.
Homeowners associations generally set guidelines and a standard for how homes in the development are kept. For example, they may only allow you to paint the exterior of your home a certain pre-approved color. Developments with HOA’s are beneficial because they help you maintain your property to keep it to the same standard as the other homes in the neighborhood. HOA’s will set a number of rules and have a board of directors. You will also be required to pay dues to the homeowners association that will go towards the maintenance of the neighborhood and its amenities. The board will hold meetings to discuss what projects the dues should be used for and allow you to go and share your opinion.
If you are looking to buy in a community with a homeowners association, you should speak with your realtor to determine if this is the best fit for you. Some people prefer not to have to abide by certain community rules, so they may be better off living in a neighborhood that does not have an HOA. It all depends on your preferences.
Joseph Gachko, Esq. is an experienced New Jersey attorney who can assist you in any of your estate or real estate-related legal matters. If you require legal counsel for your real estate matters, please contact The Law Office of Joseph Gachko today to set up a consultation.