FUN FACT FRIDAY - LONG ISLAND REAL ESTATE
What Is An HOA?
Long Island Fun Fact Friday is here, courtesy of REALTORS® Lawrence "Larry" and Sheila Agranoff
A Homeowners Association (HOA), is an organized group of owners within a Subdivision, Condo or Planned Unit Development (PUD) that determines and enforces rules and regulations within a community. They serve to maintain the grounds, master insurance, common area utilities and any community facilities in the neighborhood. Homeowners in these communities usually pay a monthly fee known as HOA dues. These fees go towards improvements or general care of the common areas.
Here Are Some Examples Of What May Be Included:
- Community clubhouse, gym, pool, security if applicable
- Maintenance and repairs of the common areas
- HOA members are elected from among the residents and serve to maintain grounds, master insurance, community utilities, as well as the overall finances of the building complex or community.
- Most HOAs will require all unit owners to pay a monthly maintenance charge and may also demand special one-time assessments to cover large community expenses.
- The HOA's bylaws will spell out which responsibilities are the associations and which are the unit owners'.
Have questions about a property at a Homeowners Association on Long Island? Do you have an HOA residence you would like to list your with us?
Please call our Cell: 631-805-4400. We're just a phone call away...
WE LIST AND SELL LONG ISLAND REAL ESTATE!
Lawrence & Sheila Agranoff