Homeowners associations have become more popular in recent decades in Florida and throughout the country. As of 2010, roughly one in five Americans lived in a property controlled by an HOA. To create an HOA, a group of individuals will need to create an LLC or similar entity and come up with the rules that homeowners must follow. Finally, it will be necessary to create bylaws and ways for regulations to be amended in the future.
When an individual would like to buy a home in Florida, he or she must usually apply for a mortgage loan and then use that money to purchase a deed. This traditional path to home ownership will give a buyer full control over his or her property, but the initial costs can be overwhelming. That is just one of the reasons why many people are now exploring housing co-ops.