Understanding the Nuances of Single-Family Home HOAs - A Complete Guide
Before buying single-family homes under an HOA governed community, acquainting yourself with the legal rules is vital. Why? Under HOA the fines and consequences of non-compliance can even bar you from ever owning another property again. Wait, we’re getting ahead of ourselves. Let us first understand what HOA is, the issue that we’re dealing with, and how you can overcome it. What even is HOA? HOA is the acronym for Homeowner’s association. It is also interchangeably referred to as HOD or Home Owners Dues. HOAs are part of townhomes, planned housing developments, planned housing developments , single-family homes , and condos. Under it, you’re usually charged on a monthly basis. But most people confuse the term with an attached housing structure like townhomes or condominiums. Legally termed as Common Interest Developments, they’re quite different than you think. It was around the 1980s that the developers started building communities of single-family homes which was then termed as