An association will not help you guard against a home invasion. Plus, all "third party" agreements (which is what an HOA is) is not supported by the courts. Therefore, if you feel a neighbor is breaking the HOA, you have to take them to court directly. You can't simply "invoke" the HOA.
In my experience, the HOA will govern how high you roof might be, how tall your hedges can be, wether you can park your boat in a visible location or have guests park on the street.
Get a copy and read it yourself as they are all the whim of the original developer.
The HOA fees cover common area expenses, such as security gate, landscaping, pools, insurance, etc and can vary greatly from development to development. The associationâ€™s board of directors will set the monthly fees to cover all expenses, plus put a little in the reserve for any unforeseen expenses.
When you offer to purchase property, one standard contingency to the contract is your acceptance of all related homeowner documentation. This will include any CCRs, Financial, and all documents filed with the state in relation to the property. It is important to review and understand these documents as it will help you get a feel for the health of the association.
HOAs and CCRs are to help maintain the value of the property. Properties that do have HOA and CCRs are more likely to retain a higher resale value. CCRs could help prevent your neighbor from running an auto shop out of their garage, or putting in a chicken farm next door.
Yes, you could find yourself in a financial situation if the association did get into financial difficulty, but you could also get into a financial situation without an association. Usually an association will provide some legal insurance as well as property insurance which could end up saving your home.
Your realtor can help with more information than may be available on line for a neighborhood or condo association. They want to help you find just the right property.
Aloha and happy hunting.
Cindy Barnett, R(S) e-Pro
Clark Realty Corporation
Some communities have added amenities, such as a security guard, a pool, hot tub, workout room and some pay for electricity and basic cable too.
If you compare the cost of living without maintenance fees and then add up the costs of pool care, yard care, a home security system, homeowner's insurance and maintenance of the exterior - sometimes it makes sense to live within an association that offers these amenities to you.
It's true that maintenance fees can go up - but the price of electricity and water can go up wherever you live. A great idea is to serve on the associations board and then you are in-the-know on all the issues and have a vote as to rate increases.
Good luck in your home search!
very good question. Everyone should ask abou this. Fortunately, it is not everywhere that has Homeowners' Association in Hawaii. For instance, in Hilo, most places don't have one. So, you are free of charge. If you'd like to retire in Hawaii, why come to Hilo. The temperature is more pleasant than in Kona and Oahu, the local provide more produce, and again, not many places have Homeowners' Association.
If you can work a little on your own garden, like me, you will have a much better sustainable and affordable life style.
Let me know if I can help you in any way.
Mahalo and aloha,
Hawaii Life Real Estate Brokers,
If the AOAO doesn't charge enough, it tends to get jacked up a lot later, sometimes 10% or 20% or worst case, a special assessment to pay for that roof they didn't budget for.
The fees have no rhyme or reason, but if I had to generalize, I would say 5% a year, you want to keep up with inflation, assuming you budgeted right in the first place.
Sometimes, 0% (unusual, but I have done it as the Treasurer), sometime 10%.
So, to answer your question, the fees could go from $300 to $600 in 10 years, or 5 years, or never. It depends on how well the AOAO is at managing their budget.
(RA) MBA, e-PRO, REALTORÂ®
East Oahu Realty