You purchased a home that belongs to a Homeowner Association (HOA), now what? Homeowners associations are rising in popularity in many neighborhoods to maintain a cohesive and polished image throughout the community. HOAs have always been common with condos and townhouses but now are gaining momentum with stand-alone single-family homes. Why? Let’s go over the basics of an HOA so you can see why they are often a preference for new homeowners.
What is an HOA?
HOAs are a group or an association of homeowners within a neighborhood or development, typically condos, townhouses, or newer planned developments, like the neighborhoods that surround golf courses for example. These associations establish and enforce rules and regulations for members of the association. In addition to enforcing rules, the HOA is responsible for certain things around the development or property that could include the following – landscaping, plowing, shared spaces such as pools, gyms, tennis courts, or common buildings. To fund these endeavors the HOA charges a monthly, quarterly, or annual fee to all households within the HOA.
Who Makes the Rules?
The rules and regulations that form the HOA include an outline for the board of directors for the HOA. The rules and regulations specify when and how frequently board members meet as well as how many seats there are on the board. The rules and regulations also include members voting rights. Have an agent help you review the rules and regulations of an HOA you are thinking of entering so they can help better explain the neighborhood and its reputation.
What Can HOAs Restrict?
With the many benefits of an HOA do come with some downsides. The most noticeable downside for many homeowners comes with the HOA restrictions. The HOA has covenants and restrictions. These covenants and restrictions can govern quite a bit of your daily life around your home. It’s important to consider everything you might do around your home now and in the future and see if it fits within the guidelines of the HOA. Some restrictions that can be imposed are below.
- Fences
- Home Businesses
- Outdoor Sports Set-Ups
- RV/Boat Parking
- Parking of older vehicles in the driveway
- Laundry lines
- Landscaping styles
- Paint colors
- Mailbox style
- Lawn signs
What happens if you repeatedly found in violation of rules? The HOA will issue a fine. Stay safe and read those rules before you buy!
What are the Benefits?
With the rules and association drama, some may wonder, “Why even bother?”. There are many upsides to belonging to an HOA. They can include the following.
- The rules and regulations deter negligence of property
- The curb appeal of the entire neighborhood is boosted
- Community connection and involvement
- Higher property values
- Lawn care (with some HOAs)
Now that we have discussed the basics of an HOA you will be prepared to ask the right questions if you were to find a property that was in an HOA. Remember, read all the rules and regulations carefully before placing an offer on the property, and always ask an agent for help understanding them where needed.
Are you looking for a property in the Dallas-Fort Worth community that is part of an HOA? Beyond 404 Realty specializes in helping bring Texas home, one family, at a time. Reach out to us today to talk about finding your dream home in the DFW area, including Forney, Talty, Crandall, Kaufman, and beyond. Anthoney Hanks with Beyond404Realty.com.
