One part of buying a home in a subdivision that you need to be aware of is HOA dues or homeowner association dues. If you're interested in a particular home that involves HOA dues, ensure you know what your responsibilities are.
What Are HOA Dues?
Any homeowner knows that along with experiencing the American Dream, you are required to pay state, property and income taxes. However, if you've never lived within a gated community or a subdivision that falls under the extensive web of a homeowners' association, you are likely unaware or unfamiliar with HOA dues or fees.
Wondering what exactly an HOA fee is, and why you, as an Idaho real estate owner, has to pay them?
The United States, since 1964, has experienced a steady rise in homeowners' associations. Homeowners' associations are formal legal entities created to maintain common areas. They have the ability to enforce restrictions on your home. Oftentimes, condo developments and townhome developments, as well as newer subdivisions have HOAs, which is usually created at the time the development is built.
Something called Covenants, Conditions & Restrictions are issued to each new homeowner to ensure the rules are followed in order to maintain a uniform home value of the properties involved.
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For all property owners in a homeowners' association subdivision or community, membership is mandatory. Know before you buy!
Mandatory fees are usually issued to all homeowners'.
Homeowners' associations have the authority to enforce maintenance and particular design standards in addition to any that may already be in place by city ordinances.
Homeowners' associations are corporations with formal bylaws- usually a government board will hire a property management company to handle the maintenance and enforcement issues. There is minimal state oversight, and many of the association's responsibilities mirror those performed by local government, however, they are not subject to the same constitutional limits that municipalities must abide by.
The association has the right to threaten legal action and enforce fines if the 3 CCC's are not followed.
It may seem like a bit much and may put you off certain Idaho homes that may otherwise seem perfect, but do keep in mind that HOAs can be a benefit to the neighborhood. It's simply a matter of weighing the pros and cons for your particular situation.
An HOA may provide:
Space for neighborhood functions.
Neighborhood maintenance and beautification.
Maintains recreational facilities, for example: tennis courts & swimming pools.
Want to talk HOA's with a professional? Get connected at: 208.571.7145.
If you do not want a home with HOA dues, below are some listings that likely has no HOA dues.
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