Many properties in Florida are of the multi-family variety. Condo communities, retirement communities and townhome communities, and the properties contained within these communities, are typically part of a homeowners association, also referred to as an HOA.
If you want to purchase a property that is part of a shared building or community, you may have to pay HOA fees and adhere to HOA rules and regulations. Here are some of the most commonly asked questions regarding HOAs:
Q: What do HOA fees cover?
A: HOA fees cover a wide variety of things depending on the property. They may cover repair costs to the building or property, security services, amenities like swimming pools and tennis courts, and lawn maintenance. Because each multi-family property’s HOA fees will cover its own particular set of needs, HOA fees often vary widely from property to property.
Q: Can HOA bylaws and covenants really restrict what I do with my property?
A: Absolutely! Although you own the property, you still must adhere to the restrictions set forth in the HOA bylaws. Some bylaws restrict remodeling and renovations, while others may prohibit you from renting the property. It is important to remember, however, that although some bylaws may seem to be quite restrictive, they are generally put in place to keep property values in the community high.
Q: Who decides how much HOA fees are and what they cover?
A: Your HOA fees and bylaws will likely be overseen by a HOA board, which is comprised of members of your community.
Q: When can increases in my HOA fees take place?
A: HOA rate hikes, also commonly referred to as assessments, are decided by the HOA board and often take place if a large expense is necessary for the property. Insurance rates for communities are also a common reason for rate hikes. Increases in HOA fees can take place at any time, according to the discretion of the HOA board.
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