If you are looking in Tampa for new homes for sale, (see this) you may want to check if there is a homeowner’s association in the community you are looking at. Below are some things to consider beforehand, as per the HOA USA, which is a group that informs people about homeowner’s associations.
1. Make sure you do a background study on the HOA you are looking at.
2. Find out who is in control. Usually the HOA is governed by a board of directors and is non-profit. However, some hire a professional company to manage their operations.
3. Before making an offer on a home, read the HOA governing documents.
4. Look through the HOA financial records. You want to ensure there is enough funding for repairs and projects that may come up in the future.
5. Learn how much the HOA monthly fees are.
6. Become educated about your state’s HOA laws. They vary by state and can be complicated. Knowing this may help you avoid a costly lawsuit.
7. The HOA board has the ability to restrict access to services and asses fines. They can also put liens on your property and even force a foreclosure.
8. You do have options. You can welcome the issues, improve your situation by getting involved, consider filing a lawsuit, or just move.
Learn more about at the HOA USA webpage: http://www.hoa-usa.com/