To HOA Or Not

Dated: 06/30/2013

Views: 1802

You’ve heard it over and over… so what DOES HOA mean? It stands for Home Owner’s Association. It’s a corporation formed by a real estate developer for the purpose of managing homes and lots in a subdivision. Most of the time an HOA is mandatory and is typically governed by a 3rd party entity, but changes and amendments to the bylaws are voted on by the homeowners. Depending on the amount of “amenities” in a neighborhood, the fee for an HOA can vary and can be annual, semiannual or monthly.

Why have an HOA? It’s designed to protect the value of your home and the quality of the neighborhood. Sometimes they maintain the landscaping, street lights, recreation facilities, plan neighborhood functions and enforce deed restrictions. Deed restrictions are legally binding rules that control what can/cannot be done or built in the neighborhood… for example: square footage minimums, out-buildings, types of fencing, parking of boats/RV’s in the driveway, yard maintenance, and the list goes on and on!

Everybody is different and an HOA may or may not fit your needs. It is definitely something to consider when you are thinking about purchasing your next home. There are pros and cons to everything, and an HOA is no different. Do your research!
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Carolann Newton

I was a domestic paralegal for 8 years prior to Real Estate. Since I have been in Real Estate I have grown to love this business, even though it does have it's challenges; it is very exciting. There i....

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