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What is an HOA in a community?
HOA stands for homeowners association. But, what is a homeowners association and why do communities have them? Here is a guide to help you better understand the purpose of an HOA in a community. What Is HOA? What Does HOA Mean? HOA Meaning: A homeowners association is a private organization that consists of members of a community.
What is an HOA fee?
A homeowners association (HOA) is an organization in a subdivision, planned community or condominium that makes and enforces rules for the properties and their residents. Those who purchase property within an HOA’s jurisdiction automatically become members and are required to pay dues, known as HOA fees .
What is the purpose of a homeowner association?
HOA Meaning: The main reason for creating a homeowner association is to increase property values. Through maintaining communal areas and enforcing rules and regulations, property values can go up immensely over time. These keep the overall community looking nice and keep the home somewhat cohesive. How Does an HOA Start?
What is the abbreviation for homeowners association?
Homeowners Association – HOA. By Investopedia Staff. A homeowners association (HOA) is an organization in a subdivision, planned community or condominium that makes and enforces rules for the properties within its jurisdiction.