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What is HOA | What is HOA Fee | HOA Rules | HOA Meaning | HOA Fee Meaning - YouTube
Channel: Sharon Colon Miami Homes
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HO what?
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Hey, everyone. Welcome back to my channel.
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I'm Sharon Col贸n, I'm a real
estate agent in Miami, Florida.
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HOA uh?
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What is that? What does that mean?
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HOA stands for a Homeowners Association.
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The homeowners association
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is basically a governing
structure for a planned community,
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such as a development
of single-family homes,
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condominiums, or townhouses
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and it is run by resident
homeowners elected
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to a board of directors
that have been elected
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to maintain predetermined
rules and regulations.
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This board will organize regular meetings,
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establish and maintain budgets,
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and enforce rules and regulations.
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Now, if you buy a property with an HOA,
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you automatically become a member, right?
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Because you agree or accept
their rules and regulations
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and to pay their dues, which
are known as HOA fees
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at the beginning when you sign.
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Once you are under contract,
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the seller shall deliver
to you the By-Laws
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of the community so you
can review all their rules
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and regulations and to make sure you agree
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with everything established
by the HOA before closing.
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I strongly recommend you
take some of your time
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to read the By-Laws or the
Declaration of Covenants,
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Conditions, and Restrictions, yeah, why?
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In case you decide that
the rules and regulations
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are against your needs or
they don't fit your lifestyle,
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you do have certain days,
certain time at the beginning
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of the signed contract
to notify your realtor
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that you have decided not to move forward.
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So make sure you read them.
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I need to emphasize that.
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Make sure you read them, okay?
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There certainly be pros and cons for this,
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yeah, as you might imagine, right?
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The HOA rules and
regulations might stop you
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from doing what you
want with your property.
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They're designed to
preserve the neighborhood
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and help all the homes
maintain their property values.
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If used correctly, the
HOA fees also are used
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to maintain the common areas
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and keep the entire
neighborhood appealing.
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That's why it's so important to establish
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and maintain community
budget and reserves, right?
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However, if you'd rather
have the final word
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in what you can do or not to your home,
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then you should avoid
communities with HOAs.
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According to The Foundation
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for Community Association Research
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in their most recent study
in 2018, they estimate
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that there were 347,000
community associations nationwide
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and 26% of the population resided
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in areas where there were
community associations
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with the most in Texas,
Illinois, California, Florida,
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and North Carolina and
therefore the states
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with less than 1,000
community associations
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include Arkansas, North and South Dakota,
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West Virginia, Alaska,
Mississippi and Wyoming.
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Now, can an HOA raise their fees?
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Yes.
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Depending on a community's
maintenance needs
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and the number of residents,
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an HOA can periodically raise their fees.
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Something really important to understand
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is that if there is not enough
money in a reserve fund,
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homeowners might be charged
a special assessment
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in the future.
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And this is another thing you would like
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to ask your realtor
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at the beginning of the buying process.
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If I have to say one
advantage and one disadvantage
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of an HOA would be an advantage
would be they could increase
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the value of your home, yeah.
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Research shows that being part of an HOA
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can increase the value
of your property by 4.2%.
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Now, on the other hand, a poorly run HOA
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can be terrible, can
make your life unhappy,
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and cost you money and time
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because of what I just mentioned before.
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If the HOA doesn't have enough money
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on reserve to handle
maintenance and projects,
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you can be hit with new fees on top
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of what you're monthly paying,
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meaning special assessment.
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I just mentioned that, right?
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But not all homeowners
associations are the same.
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The fees will vary depending
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on the amenities offered such as tennis
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or basketball courts,
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a swimming pool, gym,
community centers, right?
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We know that the more features
included in the community,
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the more you'll pay in HOA fees.
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Now, let me give you some
of the different examples
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of HOA rule so you can decide
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which one could be a
pro, maybe a con for you.
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Let's say, first one,
monthly HOA fees, right?
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Structural restrictions,
like they may require you
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to have a certain type of fence or rules
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about the landscaping, yeah.
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Certain paint colors or other
exterior design choices.
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Noise restrictions.
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Home maintenance and
appearance regulations.
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Pet regulations.
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Rules for neighborhood or common areas.
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Like I said, some of them
will have community centers,
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tennis or basketball
courts, pools, et cetera.
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And can an HOA evict you
or foreclose on your home?
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That's a great question.
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This could also be a
disadvantage too, right?
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It even depends on how you see it,
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because if you like order
then it could be good for you.
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The answer is yes, they could.
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They have a lot of power
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over how you live in your
house and you maintain it.
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You can be fined or have
a lien put on your home
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for failing to comply with HOA rules
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and they can also take action
against those who don't pay.
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Before you buy a home in a
community with an HOA, check out
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how much their fees are and
how often those fees are due,
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what will cover those fees,
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if there is a reserve
fund for special projects
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and their rules.
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I would say for you to
weigh the pros and cons
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of living in an HOA community carefully
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to determine if it's right for you.
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If you're willing to
exchanging some control
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over your home for the
reduced responsibilities
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of maintaining it, and for the benefit
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of enjoying shared amenities and security,
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then you know it is a fit for you.
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Otherwise, communities
with homeowner associations
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are not for everyone.
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If you would like to have a
free virtual buyers consultation
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to clarify questions about maybe
the homeowners association,
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the buying process, whatever,
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please find below a link for
you to schedule a call with me.
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If you found this video helpful,
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please let me know by hitting
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that like button,
subscribing to my channel
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and sharing this video with your friends.
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And remember to be nice and be kind.
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See you next Thursday! Bye bye.
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