A homeowner's association (HOA) is an entity you commonly find with multi-family home communities. The HOA manages many things, and the homeowners must pay a monthly fee to the association. Did you know that some single-family home communities also have HOAs? If you are shopping for a home, you must know this, as you might encounter some homes for sale in these types of communities. Here are several things to know about the role of an HOA in a single-family neighborhood.
The HOA Fees Are Probably Lower than with a Multi-Family Home
The HOA that manages a single-family neighborhood has fewer responsibilities and bills. As a result, they charge the homeowners less money each month than the amount a multi-family community HOA charges. If the community has an HOA, you must pay the monthly fee if you buy a house there, but it probably will not be expensive. You can find this out before you buy a single-family home.
You Have More Responsibilities with Your Home and the Maintenance
Paying a lower HOA fee means that you will have more responsibilities. For example, in a multi-family home community, the HOA handles lawn care services. In a single-family home community, the homeowners handle their own lawn care. There are many differences between these types of communities, but the main thing to know is that you will have more responsibilities in this type of community.
The Fees Primarily Cover the Common Areas Only
The fees you pay to the HOA in a single-family home neighborhood primarily cover the costs of repairing and maintaining the common areas. Your community might have a pool, park, or clubhouse. If so, the money you pay to the HOA provides all the maintenance and work these areas need.
The HOA Has Rules You Must Follow
Multi-family community HOAs and single-family community HOAs typically have many rules in common. The rules that the HOA creates help keep the community nice, safe, and modern. When you buy a house with an HOA, you must know the rules and follow them. If you break them, the HOA can charge you fees and pursue other consequences. Therefore, make sure you know them before buying a home.
If you have questions about single-family homes for sale, talk to your agent. Your agent can help you find a home with an HOA or without one, depending on your desires. For more information about single-family real estate listings, contact a local real estate office.