Eyeing a townhome as your new custom Florida home? It’s a great solution for many potential customers.
Townhomes often are a just-right fit for buyers in different phases of their homeownership journeys, particularly those keen on a low-to-no-maintenance lifestyle. But when you’re investigating the possibility of buying or building your own new custom Florida townhome, don’t skip the research on a townhome homeowners association.
It’s a part of community-style living, and while there are many good aspects to an HOA, you’ll want to know how it will affect your residency. ICI Homes has built townhomes as part of our new custom Florida homes lineup all over the state for more than four decades, so we’re happy to offer some tips on the topic.
Read on for what to expect with a townhome HOA.
What’s an HOA?
Whether you’re buying your first home (yay!) or opting for a streamlined lifestyle (and haven’t lived in a shared-walls environment since college!), it’s wise to do some homework.
A homeowners association is resident-run, often with help from a community association management company. It’s usually present in master-planned communities that offer resident amenities and perks such as gated entrances.
An elected HOA board of directors (also residents) oversees and enforces rules, codes and bylaws to ensure that the community’s infrastructure and facilities stay in good shape, and that its physical appearances (landscaping and maintenance) do the same.
HOAs also monitor community-wide rules on things such as pet etiquette and how long holiday decorations can be displayed, to name a few. And, they deal with weightier obligations like annual budgets, insurance and operating reserves.
All HOAs require funding from fees paid by the community’s residents, either monthly, quarterly or annually. So if you buy a townhome in a master-planned community with an HOA, you’re automatically an HOA member and required to pay any fees.
Townhome HOAs
One and two-level townhomes are individual residences in common buildings. ICI Homes typically features four townhomes in each building, which means each residence shares one or two walls, plus the same roof and building exteriors.
Unlike single-family homes, which are individual in structure and appearance, townhome residents share the same aesthetics in exterior appearance. They also tend to share the same landscaping and sometimes, amenities specific to their townhome community.
Townhome HOAs typically pay insurance costs for a townhome building’s exterior, while residents insure the interior of their residences and their contents.
Depending on the community, a townhome neighborhood may have a separate HOA for shared structures and services, with residents also paying an annual HOA fee to an at-large community HOA where the townhome neighborhood is located.
HOA fees can increase when there’s a community-wide maintenance project such as painting all townhome buildings or replacing gutters. Residents usually are notified of these additional expenses, and townhome HOAs sometimes require a special assessment — a one-time fee — to fund the necessary work.
Ready for your new custom Florida townhome? Talk to ICI Homes here.