If you live in a Florida condo, coop or townhome, odds are that you write one extra check — to your homeowners association every month, in addition to your mortgage payment. HOAs offer many benefits to their communities, from caring for the common areas and amenities in or around properties to helping protect property values (to an extent) and creating a feeling of community through local events and entertainment. But with their often stringent rules and ever escalating fees, they aren’t unanimously loved. Since the 1970s, the number of HOAs nationwide has increased 30 times, as has the number of residents who belong (and pay dues) to an HOA. In this infographic, Weston Title presents you with the advantages and disadvantages of living in a HOA property. Make sure you have a definitive understanding of the costs and benefits involved before you buy your new Florida property.
Are you buying a new home in a Florida community that requires HOA fees? Weston Title suggests you review the following steps to make certain you are making an informed decision.
- READ: Before you purchase your home or sign any documents, be sure to read the HOA by-laws, the fine print and CC & R’s. Do not commit with your signature until you precisely understand all of the agreements and paperwork.
- BUDGET: When creating your budget, always incorporate the HOA fees. Remember to pad it a bit as unforeseen circumstances do arise within your community and you may be expected to pay an additional assessment. As with any fees, they will increase, not decrease; so always be prepared.
- PAY: HOA fees are your obligation, no matter what the circumstances. Even if you have a pending dispute, make sure you pay your fees to avoid foreclosure or any late charges. It is your responsibility.
- RESEARCH: If you do find yourself in a disagreement with the homeowners association, due diligence is a must. Speak with other residents; find out if they have had similar issues and how they resolved the dispute WITHOUT penalty. Remember to maintain your professionalism and curb your emotions, regardless of the situation and how you feel.
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