There are many benefits to living in a neighborhood with a homeowners association. Property values tend to be higher because there is a dedicated group of people ensuring that community standards are met. There may also be many amenities that members can enjoy. If your neighborhood doesn’t already have an HOA, you can form one yourself by following these steps.
1. Survey Neighbors
The first thing you want to do is gauge interest among the people in your area. Pay careful attention to your state laws, because some states require agreement from everyone while others allow HOAs to form where there is simply a majority interest. Decide if you want membership to be mandatory or voluntary.
2. Get Representation
There are many rules about what an HOA can and cannot do, and it is unwise to try to navigate these guidelines on your own. Hire lawyers Ashburn VA, to help you do so. They can advise you of your rights and responsibilities as an HOA leader and can help you work through the process of forming your association correctly.
3. Make a Plan
What services are you planning to provide the members of your HOA? What covenants, conditions and restrictions will govern their actions? How much will the HOA fee be, and how will you collect it? These are just a few of the questions your plan should answer. You will also need to choose a name and set a budget for your HOA.
4. Protect Yourself
Any organization that takes in money should be registered as an LLC or nonprofit. Your HOA should also have the appropriate insurance coverage, particularly a variety of liability policies that cover both the association as a whole and each of the officers elected to it.
Forming an HOA is a lot of work, but it can also yield many rewards for you and your neighbors. As long as you take the necessary steps to do it right, you can have a thriving association that makes your neighborhood an even better place to live.