Homeowners Association (HOA)

A homeowners association, or HOA, is the organization that governs a condominium or planned community and charges owners regular fees to run it. Those fees typically cover shared costs like building maintenance, landscaping, insurance on common areas, trash, and sometimes water or amenities. The HOA also sets and enforces rules, covering things like pets, parking, rentals, and exterior changes, through documents you should read before buying. On top of monthly dues, an HOA can levy a special assessment to fund a large repair, so it is worth reviewing the budget, reserves, and rules during your due diligence. Fees and financial health also affect mortgage approval. If you are weighing a unit, see buying a condo in Providence and confirm the building is a warrantable condo.