"Mastering the Art of Vetting HOAs: A Buyer's Guide to Homeowners Associations"
Homebuyers should carefully vet homeowners associations (HOAs) when considering a property purchase. HOAs are governed by elected board members who enforce rules and regulations and maintain common areas. Mandatory HOA membership can be costly, with fees as high as $1,000 per month. Buyers should review HOA paperwork, inquire about fees and budget history, examine reserve funds, check for liens and foreclosures, and attend board or annual meetings to assess the community's financial health and decision-making process. It is important to ask questions and gather information from various sources before making a decision.