Home Owners Associations
In Salt Lake City, UT
I got an email the other day asking about Homeowner Associations. The question was” What are Home Owners Associations and are they bad?”
The answer to that is : It depends.
Home Owners Associations are usually formed when an area or community has common property (like a park) that needs to be maintained or amenities such as a pool, tennis courts etc for which a community is responsible. Membership may or may not be optional, it depends on the community.
Associations are also a necessity at a condo complex where residents (not tenants, but owners) own the buildings and grounds equally. The units themselves would belong to the individual owner.
In this case, the owner would share 1/150th of the entire complex of a 150 unit community. They would be required to join the Homeowners Association for that community and be assessed 1/150th of the budget to maintain the commonly owned areas.
In all cases of Home Owners Associations, there are dues and fees to be paid, and those assessments are mandatory…just like taxes. They may be minimal depending on what they are paying for and how many home owners are members of the association.
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In the case of single family homes in a community, your association dues may cover only the maintenance of a community park or a pool.
If you live in a condo community, assessments will cover things like
- insurance on the building ,
- some or all utilities and water,
- pool maintenance,
- grounds and landscaping maintenance,
- sometimes cable, internet,
- and other amenities authorized by the community
Home Owners Associations also have a document called CC&Rs (Covenants, Conditions and Restrictions) which is a boiler plate set of rules and regulations by which the community lives. These CC&Rs are legally binding upon the members of the association, so you need to check them out before you buy. Always request a set of the CC&Rs when you are thinking about buying a home that has an HOA. Make sure you can live with what they say.
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As a part of an HOA, you will have a vote in what goes on in your community. During annual meetings you will be presented with a budget and the expenditures for the year for your vote. This is also a time when you can voice your opinion, get rules changed that you don’t like, and even be elected to office if you choose to participate. Remember, your Home Owners Association is only as good as you (along with the rest of the community) choose to make it. So, participate, make your vote count.
Homeowners Associations in Salt Lake City are becoming more and more prevalent, so do your homework, and as it is said (in Indiana Jones at least)….Choose Wisely. And if you need any help or have questions, you know what to do! Call me or email me .
Til later, Ciao!