In the United States, a homeowner association (HOA) is a private association formed by a real estate developer for marketing, managing, and selling homes and lots in a residential subdivision. It grants the developer privileged voting rights in governing the association, while allowing the developer to exit financial and legal responsibility of the organization.
Typically, the developer will transfer ownership of the association to the homeowners after selling a predetermined number of lots. Generally, any person who wants to buy a residence within the area of a homeowner’s association must become a member, and therefore must obey the several restrictions that often limit the owner’s choices.
Owning a condo has its appeal for several reasons. Firstly, it eliminates the need to maintain a lawn, offering a hassle-free living experience. Secondly, condos are often more cost-effective than traditional houses, making homeownership more affordable. They also foster a sense of community with shared amenities, encouraging neighborly bonds.
One notable advantage of condo living is the homeowner’s association (HOA), which takes care of many maintenance needs, including exterior upkeep and landscaping, reducing homeowners’ maintenance responsibilities and costs.