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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. Raynor James is with http://www.fsboamerica.org - providing homes for sale by owner, "FSBO", properties. Are you thinking, "Should I sell my home?" Visit http://www.fsboamerica.org/seller.cfm to sell your home sale for free for one month.
MORE RESOURCES: Landmark Settlement Breaks Up the Real Estate Cartel The American Prospect Top real-estate CEO sees decades of housing pain ahead: 'What the Fed did will have a 30-year tail on it' Yahoo Finance Commercial Real Estate's Systemic Threat: Separating Fact From Fiction Commercial Observer Rules that helped set real estate agent commissions are changing. Here's what you need to know The Associated Press Who are real estate lobbyists talking to in New York? City & State New York Brockton-area real estate sales for Dec. 26 to Dec. 29, 2023. Enterprise News Public records: Coshocton County, Ohio, real estate transfers Coshocton Tribune Refined Real Estate: Historic Queen Anne Polson House lists for $6,950,000 seattlerefined.com Pension funds snap up real estate at steep discounts Financial Times Luxury's Latest Battleground: Real Estate | BoF The Business of Fashion Jacksonville riverfront mansion leads Duval County real estate sales The Florida Times-Union The Realtors' Big Defeat The New York Times Investigation underway after 44-year-old real estate investor seen on video firing shots off boat docked at Lakeview ... WSVN 7News | Miami News, Weather, Sports | Fort Lauderdale Will March bring more madness to Craven County's real estate market? New Bern Sun Journal A luxury agent on how the NAR settlement will change his business The Washington Post Rules that helped set real estate agent commissions are changing. Here's what you need to know Lufkin Daily News Cities Face Cutbacks as Commercial Real Estate Prices Tumble The New York Times Rules that helped set real estate agent commissions are changing. Here's what you need to know KXLY Spokane What National Association of Realtors agreement means for Texas real estate KAMR - MyHighPlains.com Realtor group will pay $418M to settle commission lawsuits The Associated Press National lawsuit could shakeup housing market, cut into real estate agent commission 11Alive.com WXIA Israeli real estate event: Legal complaints escalate NorthJersey.com Realtors settlement to lower home sale costs, alter commission structure The Washington Post Swimmo Invest Opens up a New Chapter in the Real Estate Industry Markets Insider CrewBaltimore’s mission to accelerate women’s success in real estate Afro American Newspaper What Seattle-area homebuyers should expect after national settlement The Seattle Times Realtors Reckon With a Seismic Shift to How They Get Paid The Wall Street Journal China's Real-Estate Market Just Set a Record—but Not a Good One The Wall Street Journal What the death of the 6% real estate commission means in D-FW The Dallas Morning News Real estate commissions, unassailable for decades, could crumble after landmark settlement The Denver Post Settlement will affect Iowa homebuyers KCCI Des Moines Is the Era of the Celebrity Real Estate Agent Over? Industry Reacts to Settlement That Could Slash Commissions Hollywood Reporter Making Sense of New York's Confusing Luxury Home Market The Wall Street Journal National Association of Realtors Agrees to Slash Commissions to Settle Lawsuits - The New York Times Rules that helped set real estate agent commissions are changing. Here's what you need to know Northeast Mississippi Daily Journal A commission settlement may affect housing market 9News.com KUSA Bay Area Real Estate Executive Charged with Wire Fraud, Identity Theft in Investment Scam - Hoodline Illinois real estate: Home sales in Peoria, Tazewell, Woodford counties Peoria Journal Star Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes The Wall Street Journal Rules that helped set real estate agent commissions are changing. Here's what you need to know News10NBC Real estate lawsuit settlement upends decades-long policies that helped set agent commissions WQAD Moline End of 6% real estate commissions could mean lower home prices The Atlanta Journal Constitution Once America's Hottest Housing Market, Austin Is Running in Reverse The Wall Street Journal A Look Into the Future of Home Buyers' Agent Commissions The Wall Street Journal Real Estate Credit Investments (LON:RECI) Shares Pass Below 200 Day Moving Average of $126.75 Defense World Granite Real Estate Investment Trust (TSE:GRT.UN) Given Consensus Recommendation of “Buy” by Brokerages Defense World National Association of Realtors to cut commissions to settle lawsuits. Here's the financial impact. CBS News Manhattan Real Estate Update westsiderag.com Bridgemarq Real Estate Services (TSE:BRE) Share Price Passes Above Two Hundred Day Moving Average of $12.93 Defense World Blackstone, World's Top Alternative Asset Manager, Eyes Record Highs Amid Real Estate Bottom Investor's Business Daily Chicago Voters Face Choice on Tax to Fund Homeless Programs The New York Times 4 Ways a Settlement Could Change the Housing Industry The New York Times Colony Ridge violated deceptive trade practices, Texas says The Texas Tribune Real Estate Stocks Drop As NAR Agrees to $418 Million Settlement Markets Insider |
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