Is your home under the influence of a Homeowners’ Association (HOA)? Lots of neighborhoods and residential buildings have an HOA, and their typical mission statements will include verbiage about community improvement, communication between residents, maintaining amenities, saving money, and solving problems. And it’s true, a good HOA can be a powerful force for good, even reaching some of the previously mentioned goals for an entire community of homeowners.
An HOA is often managed according to a fixed set of rules, bylaws, or other standards. Therefore, it makes good sense for you as a homeowner to be aware of what those standards are so that you can decide whether or not living up to them is in your best interests. While this is true for you if you already live in a home governed by an HOA, this is especially critical if you are looking into buying a property, since the HOA can have a significant impact on your future in the neighborhood.
