Many property owners ask a lot of questions concerning Homeowners’ Associations (HOA). The HOA is an independent organization that manages a group of investors. Woodland and most of its neighborhoods where they do work have them. More often than not, the association is made of residents from the surrounding areas who work with a real estate property manager.
Even though an HOA plays a great role for many property owners, it is of utmost importance to ensure that there is good management and leadership skills set in place. The first step is to make sure the management is made up of professionals. There are many problems and disagreements that could arise. Since the HOA board is made up of ordinary people who are prone to commit mistakes. There is need, therefore, for a proper management board to tackle the issues whenever they arise.
The HOA body needs to partner with the management firm in order to ensure that the needs of the community and the board are met. The management group should have a good understanding of their job. For example, what is needed and what is expected of them to make sure the job is well done.
If you stay in a condo or townhouse, your Homeowners Association may cover an exterior maintenance fee. Some prestigious quarters charge a higher HOA fee to cover high-end maintenance costs and status. Again, it is worth bearing in mind that different communities usually charge different HOA fees. So, HOA fees might affect the price of your new property. Therefore, be sure to check with your realtor about the area’s HOA fee before you purchase.
Some HOAs in Hoffman Estates, Bloomingdale, Elk Grove Village and Arlington Hieghts have put in place stricter rules than others. Some clienteles are not comfortable with strict Homeowners’ Associations since they want to get everything approved.
On the other hand, there are those clients that say that they want an HOA that can protect the value of their properties. Several HOAs require residents to seek approval before they can repaint their houses’ exteriors. Hence, you will have no need to worry about fellow residents painting the exterior of their houses green. Nevertheless, Homeowners Associations with strict rules will also need you to get approval before you create a privacy fence in your yard or add a space to your home.
The bottom line is that HOAs can play a central role in the property you may end up purchasing as well as your overall satisfaction after making the purchase. In order to get the most out of the Homeowners’ Association, contact your real estate agent to help you learn more about the HOA you may be part of.
