Despite the headache that may be dealing with the community owners association, it is important to understand what they mean and their role in community.
They exist to keep the urbanization in good condition and avoid its devaluation. These partnerships exist in most of the planned developments and certainly exist in condominium and townhome apartment communities as well, usually more expensive in them. This maintenance is possible by paying fees that are paid twice a year, quarterly or monthly.
In a residential area of single-family homes, the association of homeowners is dedicated to keeping common areas in good condition such as streets, lights and lighthouses, fountains, sidewalks, etc. If you live in a gated community, these funds are also used to maintain the functioning of the community gate. It is not only dedicated to maintenance, but also serves as a guide for the changes to the exterior of the houses. Depending on your general rules or statutes, this association determines if you can build a fence around your house, the color of walls, building pools, in short, any kind of change that is made in the construction of your house, must be approved by this association.
In a community of condos or townhomes, it is a bit more complicated. As these types of apartments share interior walls, the association of homeowners is responsible for maintaining common areas like pool, gardens, and exteriors and also part of the interior of the properties as they are shared. This results in higher fees for homeowners, in addition to the mortgage payment. Generally, associations of this type of communities try to have a reserve fund to pay for the larger expenses that this type of residential area such as maintenance and replacement of roofs can have. If this fund is finished, the expenses are divided among the residents of the community.
If you have decided to buy this type of home, it is very important that you investigate the condition of these structures and the financial stability of your owners association.
When thinking about your lifestyle, the activities you enjoy and how you prefer to spend your free time, analyze what kind of owner you want to be. It is advantageous to have an association that is in charge of maintaining the entire community if you are the type of person who is not interested in maintaining the surroundings of your community. Conversely, if you are a type of person who does not want to deal with any kind of restrictions, then dealing with the owners association is not going to be for you. The most important thing is to analyze the pros and cons of each community in which you want to live and have all this information before buying your home.