HOA FOUNDATIONS

There are a lot of thoughts bouncing around in one’s head when buying a home, so it’s easy to overlook the important closing documents concerning your new home’s Homeowners Association (HOA). What is an HOA, and what should it require? What benefits should it bring? Unfortunately, many HOAs do little to help owners find answers to these questions. Meridale Community Association feels that the foundation of any effective homeowners association is education and communication among neighbors. HOA Foundations is a new, permanent column in Meridale’s monthly newsletter intended to help neighbors more clearly understand the nature, benefits, and best practices of an effective, helpful homeowners association – especially our own Meridale Community Association.

WHAT IS AN HOA?

A homeowners association is a means by which property owners unite to secure common interests. The “means” is almost always the establishment of a nonprofit corporation. When you buy a home in Meridale, you become a member and part owner of a corporation – Meridale Community Association – and you become part owner of our pool, cabana, entrance, signs, and other common property. Becoming a member and part owner of Meridale Community Association is not optional; you have and must agree to become a member and part owner as requirement of purchasing a home in Meridale.

WHY HAVE AN HOA?

The most important benefit to an HOA is the preservation of property values (individual home and common properties) by maintaining the beauty and peace of the community. Another important benefit is the enforcement of a certain quality of life. For example, few people who purchase a home in Meridale would want, a loud machine shop to open next door. Yet another benefit is the opportunity to enjoy certain amenities that few of us can afford on our own such as a pool, landscaping of common property, and neighborhood lighting.

WHAT IS REQUIRED OF US?

For all us to enjoy these benefits, Neighbors are expected to vote in Community elections; volunteer time, knowledge, skills, or other resources when feasible; communicate with the Community’s elected leaders and with each other; be respectful to all Neighbors; abide by mutually agreed upon Rules and Regulations; and remain current with quarterly assessments. These are the most important requirements to secure and enjoy the benefits of preserved property values and the beautiful, peaceful community that we all envision for Meridale.

WHAT IS MERIDALE COMMUNITY ASSOCIATION’S VISION AND MISSION?

Below you will find a draft of Meridale Community Association’s vision and mission. Later in the spring, the Board will share more formally this vision and ask for community input. Our vision and mission:

We are a courteous, proactive, future-oriented association of Neighbors united to protect our individual and common property values by nurturing a beautiful, peaceful community.

NEXT ISSUE:

What is the difference between the HOA, Board, ARC, and Hawthorne Management? And what, precisely, does the Board do?

HELPFUL RESOURCES:

Linda Parret. How to Succeed with Your Home Owners Association: The Complete HOA Guide for Owners, Boards, and Managers (Famillius LLC, 2016).