The average homeowner pays an annual fee of $402, which may not seem all that expensive. However, that number can more than triple if your home is located in a suburban area with a Homeowners Association (HOA).

What is an HOA?

An HOA is a common form of community governance where members agree to be governed by the decisions of elected or appointed officers. This means that residents must adhere to a set of rules and regulations in order to live within the agreed-upon boundaries. The way an HOA is run varies by state, and it can be a good or bad thing. If you need to sell your house quickly, is the right place to start.

Just like the rules of any homeowner’s association, there are rules, regulations and restrictions that apply to all HOA members.

Who pays dues to an HOA?

HOA dues are a set amount that every home owner must pay at the beginning of each calendar year. The amount of dues depends on the state, location, and number of homes in a subdivision.

Homeowners in HOAs have to follow all HOA rules and regulations no matter how unfair those rules may be. This can include paying fines and other penalties if they are not up-to-date on their dues or fail to adhere to any other rule of the association. It can be difficult to know what the association expects, so to get a better understanding let’s take a look at some of the more common rules and regulations.

What are some of the most common HOA rules?

Here are just a few of the most common HOA regulations you may encounter:

  • Require certain exterior colors for homes or even require them to be painted every year.
  • Prohibit homeowners from building a fence that is too tall or have an unusual design.
  • Require you to water your yard at specific times of the day, even if you are on vacation.
  • Limit how much you can remodel your home.
  • Require homeowners to maintain a certain property value within the subdivision.

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What do you need to do to prepare for an HOA meeting?

It is important for homeowners to be knowledgeable about their HOA before attending its meetings. If you are unable to attend the meeting in person, you can always review the minutes of previous meetings and find out exactly what the association members have been working on.

Why would you want to live somewhere with an HOA?

Some people may choose to live in an HOA community because they believe that it will increase their home’s overall value over time. It is also important to note that HOAs might not be for everyone, as you will be required to follow a specific set of rules and regulations.