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What Buyers Need to Know About HOAs

What Buyers Need to Know About HOAs | Keeping Current Matters

When searching for a home, you may end up selecting a property in a community with a Homeowners Association (HOA). Before you buy, it’s important to know how an HOA works and what they mean for you.

According to a recent article on realtor.com,

“In a nutshell, an HOA helps ensure that your community looks its best and functions smoothly…The number of Americans living in homes with HOAs is on the rise, growing from a mere 1% in 1970 to 25% today, according to the Foundation for Community Association Research.”

An HOA is governed by a board nominated by those living in the neighborhood. It is designed to make sure the residents have a support structure to maintain the value of the community while abiding by a set of guidelines called Common Restrictive Covenants (CC&R),

“Simply put, CC&Rs are just the rules you’ll have to follow if you live in that community. Unlike zoning regulations, which are government-imposed requirements on how land can be used, restrictive covenants are established by HOAs to maintain the attractiveness and value of the property.”

It’s important for homeowners to understand that each HOA is a little different, and they usually have monthly or quarterly fees required for homeowners. These fees can vary based on property size, number of residents, amenities, and more. There may be additional fees charged to homeowners if the reserve fund for the HOA cannot cover a major or unexpected cost, like severe storm damage.

The fees, however, also help maintain common areas such as swimming pools, tennis courts, elevators (for high-rise buildings), and regular wear and tear. Although they are an added cost to the homeowner, an HOA can be a major benefit when it comes to maintaining the value of your neighborhood and your property.

The same article continues to say,

“After your offer to buy a home is accepted, you are legally entitled to receive and review the community’s CC&Rs over a certain number of days (typically between three and 10)…If you spot anything in the restrictive covenants you absolutely can’t live with, you can bring it up with the HOA board or just back out of your contract completely (and keep your deposit).”

Most lenders will factor your HOA fees into your loan package, ensuring the amount of the loan is appropriate for what you can truly afford.

There are some great benefits to having an HOA oversee your neighborhood, and it’s important to understand what fees, structures, and regulations will come into play if there is an HOA where you’d like to live.

Bottom Line

When you’re looking at a potential property to buy, be sure to work with a professional who can help you understand the neighborhood’s HOA structure and fees. This way, you’ll feel confident and fully informed when buying a home.

The post What Buyers Need to Know About HOAs appeared first on Keeping Current Matters.

HOME All Listings Featured Listings Sold Listings Sell My Home Home Evaluation AffordabilityCalculator MortgageCalculator Home Mortgage Cave Creek Carefree Scottsdale Paradise Valley Phoenix Fountain Hills Peoria Anthem Tempe Glendale Chandler Gilbert Mesa Prescott Flagstaff Sedona Tucson Show Low Pinetop-Lakeside DC Ranch McDowell Mountain Ranch Old Town Scottsdale Troon North Pinnacle Peak Carefree Grand View Estates Carefree Foothills Dove Valley Estates Leigh Estates Arroyo Trails I at Dove Valley Ranch Montacino Longview Estates Lone Mountain Desert Forest Park Dove Valley Ranch Highlands at Canyon Ridge Carefree Sentinel Rock Canyon Ridge Estates Palos Verdes Black Mountain Foothills Cave Creek South Black Mountain Shadows Provence The Villas at Black Mountain Tranquil Place Whispering Hills The Enclave at Dove Valley Ranch Camino de la Cruz Red Dog Ranch Emerald Greens at Dove Valley Ranch Mystic Ridge at Dove Valley Ranch The Crossings at Canyon Ridge Azure Hills Estates Panoramic Estates Continental Mountain Estates Desert Enclave Ridgeview Estates Crossings at Carefree Willow Springs Estates Nighthawk on Black Mountain Boulder Vista Estates Terraza at Dove Valley Ranch Blue Ridge Hills Stagecoach Pass Estates Desert Vista Trails Surrey Hills Arroyo Trails II at Dove Valley Ranch Rockaway Hills Colina Del Norte Rancho Manana Hawksnest Vista Montana at Dove Valley Ranch Cave Creek Mesquite Ranch Miramonte Carroll Heights Los Reales Ocotillo at Dove Valley Ranch Canyon Creek Estates Loringwood Estates Ridgecrest Highlands Las Ventanas Mystic Ridge II at Dove Valley Ranch Ocotillo Ridge Estates Estado de Cholla Vista Norte Lost Acres Hidden Valley North Entrada Scottsdale Heights Villagio at Dove Valley Ranch Arissona at Rockaway Valley Village at Miravista Tatum Ranch Clarendon Estates Hidden Valley Desert View Desert Fairways Azure Creek Ashler Hills Estates Tatum Village Cimarron at Tatum Ranch Casas del Cielo Desert Manor Estates The Enclave Desert Wind Toscana Falcon Ridge Quail Run Desert Ridge Terra Vista Ventana Chaparral Dove Valley Ranch Tapestry Lone Mountain Desert Willow Estates Amberwood Estates La Tierra Prometida Grayhawk Tatum Ranch Gray Wolf Central Scottsdale Desert Foothills North Kierland The Summit New on Market Private Pool AS SEEN ON HGTV YOUR TEAM REALTOR.COM YOU TUBE FACEBOOK ZILLOW SELLER FINANCED HOMES RENT TO OWN HOMES LEASE TO OWN HOMES SELL HOUSE FAST REVIEWS BLOG CONTACT