My elderly client loved everything about the townhouse. It was just the right size, there are no steps, the laundry room is on the main floor. And best of all, someone else would be scooping the snow and mowing the lawn! “But what is this HOA thing?”
For many seniors the transition to this new lifestyle is their first involvement with a Homeowners Association (HOA). A HOA is an organization made up of people who own a house, townhome, or condo within the jurisdiction of the association. Anyone who buys a property in the community must agree to live by the HOA rules and pay the monthly membership fee. In turn they benefit from the association’s amenities and services.
HOA amenities can range from just the maintenance of the common areas to full maintenance of the exterior of all the homes. However, it may also include a variety of benefits such as access to a community swimming pool, club house, fitness center, lawn care, snow removal, recycling service, or even a golf course. Some condominium HOA’s may include structural insurance on the entire development. Different HOA’s have different features and different fee structures. The more amenities and services the higher the monthly HOA fee.
While examining the amenities offered, it is equally important to consider what covenants and restrictions exist. The HOA sets forth and enforces rules for how properties in the neighborhood should look and what homeowners can or cannot do. They may include rules ranging from the color of the front door, type of fences permitted (or if allowed), pet policies, parking restrictions, ownership age requirements, and so forth. Your Seniors Real Estate Specialist© should provide this information prior to making any buying decisions. The best advice when considering the purchase of a home that is part of a HOA is to review their current covenants before making the purchase. It would be very unfortunate, for example, that after they own that lovely townhouse a dog owner finds out that their dog is not allowed.
HOA’s provide benefits for a fee. Buyers need to decide if those benefits are worth the cost. The buyer should also determine their willingness to comply with the established HOA rules and restrictions. As with most major decisions, accurate and timely information is the key to successful and positive outcomes.
Bill Budler
Seniors Real Estate Specialist©
BancWise Realty
