People often ask me about homeowners association. It is a common question from a first time homebuyers especially.
What is a homeowners association ( another short name is HOA )? So, the homeowners association is an organization that is legally permitted to manage and maintain the common areas in the community. Those common areas can be landscaping, pool, clubhouse, gym, parks, and streets, etc.
If you are buying a condo or a townhouse, there are other shared areas there too. Condo units and townhouses share common walls in between the units. The condo building ussually has stairs, hallways, maybe even elevators. There can be a parking lot or even a shared garage. Those are all common areas shared by all the people living in the condo building.
If a person is looking to buy a single family home in a neighborhood with shared common areas—such as a swimming pool, walking trails, gym, even security gates and sidewalks in front of each house—usually these areas are maintained by a homeowners association.
HOA helps to keep up the look of the community and makes sure it functions smoothly. HOA helps to maintain property values