Buying with an HOA or not
To HOA or No HOA, that is the question.
HOA exists is various forms to neighborhood/community run HOA's, to outsourced 3rd party Community management groups. Neighborhood run HOA seems to be very politically charged, but you often have much more voice than with a 3rd party contracted group. Besides these are your neighbors looking out for the best interest of YOUR community. OR, maybe you want nothing to do with an HOA or prefer to stay away from such developments. First do a bit of research into your HOA and their covenants and restrictions, you wil find they vary greatly from one neighborhood to the next and sometimes street-to-street. Some regulate how long your grass can get before you get one of those pleasant letters or even a fine "reminding" you to keep your lawn clean, oops you left your trash can out 24 hours NOT HERE in some neighborhoods. So you finally gave into temptation and bought a motorcycle, but wait are they allowed? maybe not! You want to plant a small tree or even move one, you may have to ask permission. Some even regulate the color paint, style of mailbox, ground cover, number of vehicles overnight, etc. So why in the world would you subject yourself to such scrutiny?
Overgrown lawns, broken down vehicles, neglected maintenance items, poor street lighting, underwhelming entrance, work vehicles, loud parties, are all things that could negatively impact your home's value. HOA do have the power to help regulate these things, in fact they have a great deal of power.
Did you know they can place a lean on your home for unpaid fines? Costs to join an HOA run from flat fees to a perecent of the purchase price of your home, monthly or annual dues. These items can add up and should be considered when making a decision on purchasing your next home. In the Charleston area sellers are required when listing their home to disclose information about HOA, much information is available on-line to read about any CCR's. Also find out about the financial status of the HOA itself, are they in the red? Is there any pending litigation against the HOA? Is there an appeals process? What's the process for making changes to your own property?
Your realtor is a good source for finding many answers to these questions. Please Call or email Jared or Leah to assist with your purchase or sale of your home.
843-861-8142 or email firstname.lastname@example.org