Is an HOA right for you?
When looking to purchase a new home what do you envision? A lively community with maintained sidewalks, parks, pools, etc., or do you prefer a quiet location with land to roam, horses to ride, animals to raise?
Homeowners associations help protect property values and create regulations to keep the community in tip top shape, but they also impose certain rules on residents. Below are four questions to ask before buying a property in an HOA.
1. Can you afford it? HOA’s are funded by member dues paid monthly, quarterly or annually. Be sure to ask your agent how much the dues are and factor this into the cost of your purchase.
2. Will you follow the rules? All HOA’s have a set of rules known as covenants that must be abided by its members in order to maintain the community. Such rules are often lawn maintenance, architectural design and where and what can be parked outside your home. Some HOA’s are much stricter than others. So if you are concerned with the rules be sure to get a copy of the guidelines before you purchase.
3. Will you use the amenities? HOA dues often go towards the maintenance of the community and the maintenance of such things as parks, swimming pools, rec. clubs, etc. Even if you do not use the amenities, they could add to the property’s future resale value.
4. Do you work well with others? You may be able to get involved in the association by volunteering for a committee or by serving on the board of directors. These can be great ways to lead the association and meet your neighbors.
If you still have questions about HOA’s please give me a call and I can help! If you are looking to buy or sell in the Clear Lake City or surrounding area, give me a call. 713-922-9754