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Is there a difference between an HOA and NA or not?
For many home buyers the presence of an HOA will either draw them in or deter them from looking at homes in a particular neighborhood. But it's important to also understand that there is a difference between Home Owners Associations and Neighborhood Associations. If you might be descriminating your home search by HOAs and NAs, you may want to understand the differences, just in case if it changes your mind. There is a difference after all!
You may want to realize that Homeowner’s Association and Neighborhood Association cannot be used interchangeably. Let's clear it up!
An HOA is an overseeing body is in place to make decisions and manage the Common Interest Community (CIC.) A condo complex or new development follows the HOA’s rules and regulations, which a builder put in place during an area's design and building stages.
Usually, the HOA collects a fee for their service and purchaser of any certain property does not have the option of rejecting it. And at times, there can be legal ramifications for not following area guidelines. HOAs typically manage and provide a wide variety of amenities: management, security, snow removal, landscaping, recreational extras and/or maintain exterior condition of properties.
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