Homeowner Associations (HOAs) are common in Melbourne Florida. Throughout Central Florida, many residential communities have a homeowner's association (HOA) structure. This is especially true with
All About HOAs - Things to Know about Living in an HOA Community in Florida
Dated: December 23 2020
So you’re looking for a new home- how exciting! Your search brings you to a picturesque neighborhood with perfectly trimmed lawns, immaculate landscaping, white picket fences and you think to yourself, “This is it. This is the perfect neighborhood for me.”
But then out of the corner of your eye you see a home on the very same street that has grass that is two feet high, the fence is toppling over and there is garbage strewn about the front. This obviously neglected home is single-handedly changing your opinion about the neighborhood you were considering moving to.
This is the reason why HOA’s were created. These organizations were formed to prevent homeowners from allowing their property to fall into disarray, which ultimately brings down property values. A good HOA can increase property value. Being a member of an HOA can increase your property value by 5-6% according to a study done by George Mason University. Florida has many HOA communities throughout the state. Homeowners Associations have pros AND some cons depending on what you as a homeowner may be looking for.
Here are some basic facts on what an HOA is, how they work, and what they provide to their members.
1) What is an HOA?
An HOA or Homeowners Association is an organization created to maintain a clean and cohesive appearance in a subdivision or community. HOA communities can consist of single-family homes, condominiums, or townhomes and are usually set up by the real estate developer who created the community. If you buy a home in a planned community, you will very likely be required to be a part of their HOA and follow the rules dictated in what is called the Declaration of Covenants, Conditions and Restrictions (CC&Rs) The rules enforced by the HOA can be restricted or much more lax. We will discuss rules and regulations later in this article.
2) What are common HOA Restrictions & Requirements?
- Maintenance of Property - Most HOAs may require you to maintain your property by mowing your lawn regularly and keeping up the exterior with things such as paint.
- Parking Vehicles - The HOA may limit overnight guest parking and prohibit street parking.
- Exterior Home Decoration - The CC&Rs could dictate what color you can paint your house, the types of windows you can install on your home, etc. in the interest of keeping a uniform aesthetic in the community.
- No Commercial Vehicles in the Driveway (Lettered Vans, Trucks, etc.)
- No Boats, RV’s or Trailers
3) What Fees Do HOA’s Charge?
HOA’s charge monthly or quarterly fees to pay for shared expenses. On average, homeowners can expect to pay between $200 and $300 a month in dues. The fee a member pays varies greatly depending on what common facilities, maintenance, and security services an HOA provides. Some communities provide things such as security, clubhouses, community pools, trash removal, and more. But the rule of thumb to remember is, the more an HOA provides, the more money it will cost to live in that community.
The major con of HOA fees is when a homeowner has not taken them into account when deciding on their budget for purchasing a new home. It is incredibly important to research the rules, regulations, and dues of each HOA Community if you are interested in purchasing a home there.
So, if you’re asking yourself whether an HOA is for you, consider this: a good HOA can significantly improve property value. Being a member of an HOA can increase your property value by 5-6% according to a study done by George Mason University. But it ultimately comes down to what you are looking for. If you want to have the freedom to do whatever your heart desires to your home and property, an HOA community may not be for you.
Whatever you may be looking for in your perfect neighborhood and property, the agents at Curri Properties are here to help you in your search. Contact us today to start the search for the home of your dreams!
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