Homes, condominiums, and townhouses throughout Myrtle Beach (and surrounding areas) are largely located in subdivisions, and these subdivisions are typically governed by a Homeowner’s Association (HOA). If you plan to move from an area and HOA’s are foreign to you, the following facts should give you a better understanding of what to expect from them.
What is a Homeowner Association (HOA)?
HOA’s are non-profit organizations comprised of voting members who own property or units within the subdivision or community. Memberships are automatic and mandatory upon the purchase of a home in the community. Members elect individuals within the organization to form a Board of Directors. The board members are responsible for enforcing the bylaws set forth in the HOA’s covenant.
What is typically included in the HOA assessment fee?
HOA assessments and all they encompass vary from community to community. Minimally speaking, repairs and maintenance for common elements (e.g. swimming pool, elevator, landscaping) are usually included, and trash disposal or pickup is often covered as well. Some HOA assessments include cable, electricity, insurance coverage, pest control, homeowner management services, and more.
What are the pros and cons?
Convenience of onsite amenities (swimming pool, clubhouse, exercise facility, playgrounds, tennis courts, security, etc.)
Maintenance and upkeep of common areas
Mediation of neighbor disputes and disturbances
Protected property value due to regulations that help maintain an attractive and uniform neighborhood
Restrictions (e.g. size and/or breed limits for pets, tenants, parking, use of motorcycles, etc.)
Fines for failing to comply with regulations and restrictions
Homeowner Associations are perfect for some people and disliked by others. Properties with or without an HOA both have their pros and cons. Weigh each option carefully and decide which one is the best for you. If you decide to purchase a property within an HOA community or complex, always request to see a copy of the covenant or bylaws before signing a purchase agreement. All HOA documents should discuss each item included in the assessment fee and clearly define any restrictions within the community.