Investment Corner with Huy Han: Meaning of HOA? What is HOA created for? Strengths and weaknesses of HOA? Everyone, let’s learn more about HOA with Huy as well as the advantages and disadvantages of owning a house with HOA. HOA stands for Homeowners Association. The primary purpose of the HOA is to help ensure the security and increase the value of homes in the managed area. HOA members (landlords) have responsibilities and special rights under the governing documents (bylaws, rules and regulations, articles of incorporation, and covenants, conditions, and restrictions (CC&Rs). ). Important information about rental restrictions will be identified in the HOA covenants. Those who want to buy investment houses need to carefully study this section to get the best results.
Three Strengths of HOA:
1. Your home's value is protected. The reason is because HOA will ensure the safety and hygiene of the entire area managed by HOA.
2. Owners are entitled to use services exclusively for HOA members such as swimming pool, GYM, sauna, tennis court...). In addition, the monthly HOA cost includes lawn mowing service as well as many other costs such as water, gas, garbage and recycling fees.
3. The third strength according to Huy is also the strongest: not being bothered by neighbors. If any host organizes noisy parties and violates the regulations of HOA convenants, other members will be resolved by HOA. That way you don't have to face it directly.
HOA also has disadvantages that homeowners need to be aware of:
1. The cost of HOA per month can be quite expensive. No matter how much or how little you use HOA's services, you still have to pay that much.
2. Poor HOA management team can reduce the value of members' homes.
3. Members are required to follow the rules of the governing document, especially regarding repairs to the outside of the home as well as about renting or renting a home.
Hope you know some more knowledge that Huy recently shared. If you have questions about investing and buying and selling houses in the US, please contact Huy directly. Currently, Huy has a contract to sell 3 off-market houses in San Jose for investors as well as new homebuyers. With inflation rising and interest rates likely to increase in 2022, investing in homes remains one of the safest solutions. Thank you for helping Huy achieve his goal of helping more than 100 families buy and sell houses and invest in the real estate market in 2022.
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As a happy student of life, Huy has discovered that life is a series of very interesting courses where he can’t just simply learn from books or schools. Fortunately, every person that he meets and every incident that he faces truly give him tremendous valuable lessons. The most important aspect of being a student of life is that he learns things with a great intention: to improve himself everyday. With a strong background in finance and business, Huy will share with you great lessons that he has learned over the years. Let’s share our knowledge so we will learn from each other!