Many people have heard of the term homeowner association or its abbreviation, HOA. This is quite a common thing that people hear about when they are moving into a new neighborhood with residential homes or condos, as there are both homeowner & condo associations. Brooksville residents might not be aware of what this organization is and why they have to pay them money regularly, and this is especially true for first time home buyers. Some people do not even know how these organizations operate or elect members, or how they can voice their opinions about the rules and regulations that are being enforced.
A Brief Overview of a Homeowners Association
In the most basic of instances, a homeowner’s association is an organization that handles the housing rules for local ordinance, usually that of a residential subdivision, planned community, or condominium building. When it comes to homeowner & condo associations, Brooksville residents should know that these individuals will make and enforce rules for the properties and its residents within the local ordinance when it comes to issues about how their residence should look and what type of items are permitted. All the members of a homeowner’s association are residents within the community that they are in charge of enforcing rules on.
How are Homeowner Associations Structured?
A homeowner’s association is typically organized by having a board of directors that are elected by members of the community to enforce the rules of the local ordinance. The only way to become a member of a Homeowner’s association is to buy a home within that community, and all homeowners become members whether they want to participate or not, and must pay all HOA fees. When it comes to the board members of homeowner & Condo Associations, Brookville residents should know that they do not have to be a member of the board if they do not wish to, and it is only for individuals who are passionate about their neighborhood and the homes that are within them.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*