Do research before buying home, condo governed by HOA
If you plan to buy a home or condominium this year, keep in mind that the property may be governed by a homeowners association, or HOA. More than 63 million people live within communities that are overseen by HOAs, according to the Community Associations Institute. That means 24 percent of U.S. homes are part of community associations.
Many buyers appreciate the benefits provided by HOAs, but the mandatory dues and covenants, conditions and restrictions (CCRs) occasionally rub some people the wrong way. Before you make an offer on a property governed by an HOA, here are some factors to consider.