There are a few subdivisions with Homeowners’ Association and you may be wary and reluctant to join. So in this blog post, let’s talk about a Home owners’ Association and how it affects your community.
Not all developers include in their Deed of Restrictions a provision for Home Owners’ Association. What is the use of a home owners’ association? The homeowners’ association would oversee the upkeep and maintenance of the community once the subdivision is fully sold out and the developer turns it over. Typically, while the developer still has inventory in a subdivision, he will maintain the subdivision to entice buyers to invest in his property. But after the subdivision is sold out, the developer has no incentive to continue paying for the maintenance.
Home owners’ association of course would differ from one community to the next, depending on several factors including individual personalities. Rules vary but in general, a home owner would have to abide with the restrictions and pay a certain amount for the common fund.
So what are the benefits if you choose a subdivision with a home owners’ association?
One of the major considerations when choosing your community is your family security. Since the home owners’ association will be headed by elected home owners, they share the same concerns with you. With your pooled funds, your association can hire a security team to monitor the entrances and have a roving guard to look over the community in intervals. Associations can set a curfew for entry of non-homeowners and demand for proper identification before admittance.
The association can set standards on community maintenance, home design, etc. They can monitor the quality of homes to be constructed and set a minimum amount for construction at the area. There are also some associations who limit the type and number of vehicles a homeowner may park in the subdivision. For example, commercial trucks may be banned in the property.
Association can oversee the management of trash collection and maintenance of the common areas of the subdivision.
Having a homeowner’s association can also help with neighborhood disputes. Complaints may be coursed through the association instead getting into an ugly confrontation with the next door neighbor.
There will be of course fees that you as a member of the home owner’s association will pay. The home owners will set a certain amount to be paid monthly, quarterly, or annually. These pooled funds may be used to pay a maintenance team, security guards, additional trash pick-up, and any other activities the homeowners may decide on.
Things to remember:
When buying a property, ask your broker if the community has a home owners’ association and the possible rules and restrictions. For example, if you are planning to open a sari sari store, you need to know if the community allows this.
Having a home owner’s association can be a great help in ensuring that your property values stay up. But having a homeowners association won’t work if you are not willing to cooperate and follow the set rules. You need to know if there are any restrictions that may be a deal breaker for you. So as always, be an informed buyer before you purchase. Cheers to your property investing!
If you have any questions or clarifications on the topic, comment or send us a message! If you have any real estate related topics you want to us discuss, tag us in Facebook with #SyRealtyINeedToKnow and we’ll talk about it here!
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