In short, a homeowners’ association (HOA) is responsible for the maintenance and repair of the common elements within the community as well as enforcing the rules and restrictions. A well-operated and managed HOA boosts the community and protects property values.
It is not uncommon for owners to question what their HOA assessments are used for, especially in communities that do not have a lot of amenities. Basic common elements include water management systems, often including some sort of basin for run off water, signage, and common ground space and landscaping. Some communities have amenities such as pools, clubhouses, and walking paths. All of these are common elements. Assessments paid by the owners are used toward maintaining, repairing and insuring these common elements. Therefore, communities with a lot of amenities, or common elements, typically have higher monthly or yearly assessments.
Owners that are part of an HOA community also have better protection of their property values. The rules and regulations within a community help to create and maintain a desirable community. The HOA helps to ensure that the community is aesthetically pleasing, with well maintained homes and yards. These rules and regulations also promote safety and a sense of community within the neighborhood. All these things make the community more attractive to potential buyers.
All the HOA’s governing documents, including rules and design guidelines, should have been provided to you at the time you purchased your home. Your HOA Board of Directors or Property Management can also provide you with these documents. If you have questions regarding your HOA, its responsibilities, or your responsibilities as a homeowner, please contact Richter Law to set up a consultation.
