Many developments use either a Condominium Owners Association (COA) or Home Owners Association (HOA) to help manage the property and surrounding area. Often homeowners or renters must pay a monthly or yearly fee to fund the association and potential improvements. So, how do you choose a condo association vs. HOA? Here a few things to consider as you reflect upon your preferred living style
Funded Repairs and Maintenance
A COA is responsible for funding the repairs and maintenance of general common areas within the property. These areas often include pools, lobbies, parking lots, elevators, and hallways. An HOA provides similar benefits but with additional areas such as greens spaces, playgrounds, and sidewalks. Depending on what is most important to you will determine what association will meet your ideals.
Cost and Fees
Generally, HOA fees are lower than a COA because maintenance for homes and yards falls to the homeowners. In commonly shared spaces such as condominiums or townhomes, the COA funds repairs for on property areas and spaces. Condo association fees are more because they often include the cost to maintain exterior buildings, internet, cable, and sewer.
Sometimes the extra cost of an HOA or COA deters potential homeowners and renters. However, the added expense can save you time and money. When the board of directors manages maintenance and costs, you won’t have to.