A Homeowners Association (HOA) is an organization that manages the day-to-day business of a subdivision. The real estate developer is responsible for creating and putting the HOA together. The HOA sets the rules and regulations of a community and is in charge of the upkeep of the development. In particular, the common areas within a development such as pools or landscaping.
As a real estate investor, HOA fees are something you take into account if there is an HOA. Not only when you purchase but also as a holding cost if you plan to hold it. Additionally, there may be additional regulations you have to follow when rehabbing the property. For example, some homeowners associations have rules on exterior colors and roof styles, and colors that can be used. The types and/or color of your home’s mailbox, and restrictions on fencing and sheds, etc..
How important is an HOA?
A homeowners association can be one of those things that you either love or you can hate. You love them because they keep the neighbor’s lawns and trash cleaned up but you might hate them because of their strict requirements such as only allowing certain paint colors or certain types of roofing or requiring the trash can be moved back to the house quickly after trash pickup. You probably know what I mean.
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