(1) An organization comprising neighbors concerned with managing the common areas of a subdivision or condominium complex. These associations take on issues such as maintaining common land and recreation areas, and collecting dues from residents. The homeowners’ association is also responsible for enforcing any covenants, conditions & restrictions that apply to the property. Payment of dues and participation in the homeowner’s association may be either voluntary or mandatory, depending on the neighborhood.

(2) In order to maintain — and even improve — the value of an entire street’s, neighborhood’s, or development’s home values across the board, homeowners associations ensure all owners within a particular area upkeep their properties as preferred. Buyers who purchase properties that operate within a homeowners association are bound by the rules of said HOA. That means whatever rules and regulations an HOA has set up for homeowners (e.g. keeping a lawn in tip-top shape, using sprinklers only during certain days/hours) are mandatory.

 

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