If you are in the market to buy a home, it is imperative that you have a strong understanding of what HOA’s can offer you and what they can cost you. The general structure of an HOA is set up to help keep the neighborhood clean and to create a cohesive atmosphere in the community. Although these goals are mostly universal, the fees and perks and your obligations can vary widely. Do not move into a home where you are required to join an HOA without reading the following information from Burns & Ellis REALTORS. If you are in Dover, DE, Kent County, or the surrounding areas and looking to buy a home, contact Burns & Ellis REALTORS today!
Covenants, Conditions, & Restrictions (CC&Rs)
It’s no question that HOA’s have been a thorn in the side of many homeowners. Although most seem to be relatively reasonable, we all have someone in our life who loves to complain about their HOA. The main reason they have garnered such a bad reputation is CC&Rs. CC&Rs, or covenants, conditions, and restrictions, are universal rules for the neighborhood. Exterior paint colors, style, and material are universal rules for the community. You must understand the CC&Rs of the HOA that your potential home belongs to. We all have that picturesque image of our dream home, and CC&Rs may not allow your ideas.
Fees
HOA fees vary greatly, and what your fees are used for can as well. When buying a home within an HOA, it is vital to understand precisely why the fees are what they are. You may find that your HOA provides benefits that fit their fees, such as year-round community landscaping or block parties. No matter what the fees are used for, you must understand them to decide for yourself whether or not they justify the benefits you will receive.
Reputation
Seek an insider’s opinion on the reputation of the HOA. The sellers can be a great resource, especially if they aren’t on the board. Get a feel for the association functions well. Beware of signs of consistent drama.
Responsibilities
When joining an HOA, both you as the homeowner and the association agree to a particular set of responsibilities. Setting clear expectations is key to a successful, beneficial relationship between you and your potential HOA. Make sure you understand exactly what is expected of you and what CC&Rs you must adhere to. Inversely, the association must also be held responsible for their end of the deal. You are paying fees that should be paying for certain things to be taken care of, and if those things aren’t being dealt with, make sure that your voice is heard.
Frustrated With Your HOA?
HOA board members are elected to their position. If you find yourself continually frustrated with your HOA, consider running for a seat on the board. Each HOA is different and requires varying degrees of involvement from its board members, but if you are in a position where you can handle the position and you think you can make a difference for your community, consider getting started on your campaign!
What Is Right For You?
Understanding the role of an HOA is imperative in deciding whether or not joining one is right for you. With numerous factors to consider, from fees to CC&Rs, the decision can be pretty tricky. Whether you are looking to join an HOA when buying your new home or want nothing to do with them, gaining the assistance of a local realtor can give you a leg up on properties that meet your needs. If you are looking for an experienced realtor in the Kent County and Dover, DE area, contact Burns & Ellis REALTORS today!