Home Owners Association
What does it mean
A Home Owners Association (HOA) is a formal entity that is owned and funded by the owners of the properties covered by the HOA. The HOA is sort of like the governing body for a group of homes. The Homeowners pay their association dues on a monthly basis, and these dues are used to fund common-use items such as lawn care, a shared pool or athletic courts.
Why does it matter
Home Owners Associations (HOA) impact the attractiveness of a property to a potential buyer. HOAs have some positive aspects (lawn care and snow removal), but they also have negative aspects (monthly cost and politics). Depending on the specifics of the HOA, it may make a property more or les attractive to a potential buyer.
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