Home Owner Association Restrictions Read Before Buying



Home Owner Association Restrictions Read Before Buying

Home Owner Association Restrictions – Read Before Buying
Many communities have associations for homeowners, property owners, condo owners, or​ similar associations .​
The presence of​ a​ homeowners association, also known as​ HOA, introduces another layer of​ rules and regulations to​ consider when buying a​ home .​
Some people love these associations and some hate them.
Homeowners’ Associations
Some associations have very simple rules such as​ no abandoned, non-working motor vehicles and no grass above ten inches tall are allowed .​
Others have architectural review boards that must approve your paint scheme before you can repaint your house .​
I’m serious.
I was once looking at​ a​ townhouse with a​ potential buyer, and a​ neighbor knocked on the door to​ hand deliver a​ notice that the door had been painted without permission (it was a​ deep, wine red) .​
The notice went on to​ state that the door would have to​ be returned to​ its original dark green color or​ an​ exception applied for within ten days .​
Although she liked the townhouse, the potential buyer decided she did not want to​ live with this sort of​ micromanagement.
Some associations add a​ significant amount of​ cost to​ the home purchase via high monthly, quarterly or​ annual dues payments .​
An aggressive association may also attempt to​ issue levies on homeowners for improvement projects .​
My husband and I​ once looked at​ a​ penthouse condo on the outer banks of​ North Carolina .​
I​ was reviewing the annual budget for the condo association, and noticed a​ twelve thousand dollar per unit levy made during the prior year .​
I​ asked about it​ and was told that it​ depends upon the ‘beach push’ situation .​
Further questioning elicited the information that when hurricanes or​ severe storms eroded the beach, fresh sand had to​ be brought in .​
Not only did it​ have to​ be brought in, it​ had to​ be pushed up into dunes and the dunes planted with sea oats and grasses! I​ am all for preserving the environment, but the twelve thousand dollar levy certainly made me nervous.
If you are considering a​ property controlled by an​ association, watch out for the following:
1 .​
Sometimes associations limit what pets owners may have
2 .​
If the association allows pets, it​ may limit the hours they can be outside.
3 .​
Parking places may be assigned coupled with an​ aggressive towing policy.
Some associations maintain pools, tennis courts, elevators, trash collection, snow removal, grounds maintenance, provide bus or​ limo service, concierge service, and in​ general make life pleasant and trouble free .​
While these are nice benefits, make sure you are comfortable with the costs associated with them.
Look Before You Leap
So, as​ you can see, whether your concern is​ protecting the value of​ your investment (no junk cars), maintaining your freedom to​ choose (you want an​ eggplant door, a​ place to​ park the company truck, and/or to​ build an​ addition with a​ family room and a​ new kitchen), it’s very wise to​ check out those things which can limit your control and increase the cost of​ home ownership before you buy.

Home Owner Association Restrictions Read Before Buying





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