Looking at a new home and wondering what a homeowners association is?
Homeowners associations (HOAs) are private associations that property developers create in planned development communities. As homes are sold, the developer transfers control of the association to owners. Typically, HOAs consist of detached homes. Thus HOAs differ slightly from Condo Associations, where the properties are commonly a number of structures with many units.
Either way, the association will be responsible for roads and infrastructure within the community, as well as maintaining common areas and enforcing rules. This is why membership is often mandatory in an HOA community. See our post about Why HOAs Exist.
HOAs have fees, but also offer amenities and services. There are also rules, but a clearer sense of responsibility that may lead to increased property values. In another post, we outline the reasons why living in an HOA community may be good or bad for you.
Now that you know what a homeowners association is, learn more about your Condo Association or HOA. Sign up and run a free Eli Report!