If your upcoming real estate purchase is a potential condo or home in an HOA community, do yourself a favor by reviewing HOA documents first. You’ll want to refresh yourself with their bylaws and see if there are any outlying concerns that might impede your personal or professional wellbeing prior to purchase. For example, there could be restrictions in place about running an in-home business or even landscaping/outdoor equipment laws you might not agree with. It’s also good to note that an HOA is a business in itself which collects dues and consequently dues are then paid out for various community needs. You should keep in mind HOAs can have their own operational qualms at times but getting a good look at their net losses, profits, and financial records can give you some good insight into what you are paying for. Catching these variables prior to purchase can save you headaches in the long run.
