Jenny, Home Buyer in Douglas, MI

what are HOA's?

Asked by Jenny, Douglas, MI Sun Mar 3, 2013

This question was asked from http://www.trulia.com/property/3108953555-30-Holiville-Ellic…

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4
Unclear, if asking about the fee It appears to be is $725 and estimated taxes are $2000; however it's always a good idea to reverify the information...
0 votes Thank Flag Link Sun Mar 3, 2013
HOA stands for home owner association. When you see that there usually is an association fee. Check out the association rules and what the fees cover
0 votes Thank Flag Link Sun Mar 3, 2013
HOA is short for HOME OWNER's ASSOCIATION, but there is a lot to know about them:
HOAs can function for Condo's, Co-Ops, Townhouses, and even SFR, (single family residence).

The important distinction is that the owners do not own the LAND under the redisences; and the HOA is responsible for the upkeep and maintenance of the land, including roads, walls/fences, gates, security, clubhouse/meeting rooms, etc.

The individal owners pay their share of the HOA's expenses.

This is the way it is supposed to work.
But, you will find that there are many variations,
If there are front yards, the HOA will pay gardeners to keep them, while the back yards are the owner's responsibility.
There will be a set of CCRs, (Covenants, Conditions and Restrictions), which you will pay for, (in more ways than one).

There are so many aspects of this, it cannot be adequately covered in a couple paragraphs; but the best advice would be to visit the Complex before you make an Offer, talk to residents, find out what it is like to live there.
0 votes Thank Flag Link Sun Mar 3, 2013
Home Owners Association. There are generally dues associated with belonging to a Home Owners Association. You will need to look at their agreement to find out what services and amenities are covered by the fee.
0 votes Thank Flag Link Sun Mar 3, 2013
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