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How do Homeowners Associations Work?

Not quite sure how Homeowners Associations (HOAs) work?

How do HOAs workWhen you purchase a condo or single family home in the Austin area, there’s a good chance you will have to pay a homeowners association fee.  HOAs are very common is gated communities, townhouses, condominiums, and other similar planned Austin neighborhoods.  The idea is to keep common areas clean and maintained, and there’s usually an HOA board that is responsible for setting the rules and regulations.

Each Home Owners Association is different, but most have the same core elements. You’ll typically pay your HOA fees either monthly or annually, and it’s an important factor to consider when you’re weighing your options for a new home. So what is typically included in your HOA fees?

First, the fun stuff

Amenities are typically the big perk of living in a community with an HOA. While you lose out on some of the freedom of living without an HOA, you instead get community amenities like a maintained pool, gym, clubhouse, tennis courts, and other amenities. The HOA fees pay for cleaning and maintenance, so—in theory—you’ll always have a clean pool whenever you want to use it.

Protecting the community

HOA fees often contribute to insurance for the community amenities, as well as a fund for unexpected repairs to damaged community property—think damage from weather or accidents.

General maintenance

Your HOA fees will go toward maintaining the general safety and upkeep of the community. This means things like elevator maintenance for condominiums, snow removal, and trash/recycling services.

Be active in the association

There may be a board of directors, but homeowners associations exist for the betterment of the entire community, and every voice matters. HOA meetings—and the amenities they support—provide great opportunities to meet your neighbors and make your community a better place.

 

Have any other questions?

The Luxe Property Group is always here to help!  We go above and beyond for our home buyer clients to make sure they are armed with as much information as possible and get the “luxe” treatment throughout the home shopping experience!