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Homeowners' Associations |
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Homeowners' Associations |
Homeowners' association (sometimes called a civic
association) is essentially a group of neighbors
dedicated to neighborhood issues. But there's much more.
A homeowners' association is a legal entity empowered to
enforce private deed restrictions
Although such associations cost money (homeowners' dues
or condo fees), many homeowners agree that they reap a
big benefit – protecting the value of their home and
property.
Homeowners' associations are typically granted these
responsibilities:
- Setting and collecting fees.
- Maintaining community landscaping and recreation
areas, such as swimming pools.
- Holding regularly scheduled meetings to discuss
homeowner issues.
- Sending a periodic newsletter on neighborhood
happenings and concerns.
- Providing for and arranging special events, such
as community-wide garage sales, social evenings,
pool parties or block parties.
- Enforcing deed restrictions.
Homeowners' association fees are set by a governing
board, and can vary from a few dollars a year to
hundreds of dollars a year. Fees are not included in
your monthly mortgage payment; rather, they are an
additional payment required by the association and
usually paid annually.
Not every neighborhood has a homeowners' association
(though most newer developments do). Contact your agent
for information on which neighborhoods do (and do not)
have homeowners' associations. Let your agent find out
exactly how much, if anything, your homeowners'
association membership will cost.
Condominiums almost always require some type of monthly
fee to cover :
- liability insurance for common areas; and
- maintenance costs (parking lots, snow and leaf
removal, lighting, landscaping, roofing, and
amenities such as a pool, tennis court or party
house).
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