Homeowner Associations (HOAs) are organizations in charge of regulating resident life in planned communities. Upon purchasing a house in a Phoenix community, you become a member of this association by default. Once you become a member, you abide by the regulations and fees of this association. The HOA’s role differs based on the type of property, community, and areas chosen.
City Property Management is known for its 40 years of service as HOA management in Phoenix. Phoenix is growing rapidly and with every community being built, they need proper maintenance teams as well. Many communities have turned to City Property Management to organize and maintain their neighborhood. Learn more about the company by exploring their website.
Homeowners pay their shared area fee, which is also called a ‘maintenance fee’. This fund is used for the development of the community and for maintaining pools, parks, landscaping, and roads.
However, not every company is capable of handling the HOA business. Hence, it is feasible to do proper research before hiring any management firm.
If you are also thinking of residing in an HOA community, you need to know these things about HOA –
Each HOAs regulations differ based on community, but they all are governed through the CC&Rs – Covenants, conditions, and restrictions. Hence, consult your realtor or HOA in Phoenix directly for updated regulations.
- HOAs are maintained through the membership fee paid monthly, which differs for each state and community. Generally, the membership fee is listed with the regulatory bodies, and you can request the list of the changes in the past years and the record for the maintenance cost.
- Consider the financial implications of fees because benefits, utility coverage, and recreation charges are important. Annual increase in HOA fees may be balanced by fee reduction in newer projects as owners share fixed expenses.
- Any resident in Phoenix not abiding by the HOA rules and defaulting payment will be referred to collections and it will damage their credit score, you may not be able to sell your house as HOA puts a lien board on it, unpaid due may lead to lawsuit or bank dues, and in extreme cases, HOA can foreclose on your property.
Effective HOAs can appreciate property values and improve the quality of resident’s life. However, a mismanaged HOA or high fees can often lead to hassles. If you want to live a peaceful life with various advantages, follow the HOA guidelines and make timely payments.