WHAT CAN POSSIBLY GO WRONG?? Plenty! An overview of HOA rules and regulations. BE SURE to do your due diligence before your purchase – and it will pay off with many years of enjoyment. Read all documents carefully and thoroughly! Don’t be afraid to ask tough questions…
HOA Rules and Regulations
What are typical HOA Rules and Regulations? Don’t depend on anything ‘typical’! They will vary from community to community. Be sure to always examine these HOA documents carefully! Make sure your Exclusive Buyer’s Agent obtains a copy of these documents for you right away, and then take the time to study them.
HOA Fees are determined by the amenities that are offered in the specific community. Do they offer a guard at the gate, landscaping, lawn care, outdoor pool, indoor pool, tennis court, fitness gym, or utilities? The more they offer…the higher the fees. They can either be billed monthly or yearly.
To get everything set up in your name, you can expect a transfer fee when you close on the property. And you will have a legal commitment to pay those fees.
Sometimes, there can be a monthly fee plus a yearly fee if there is a golf course involved. Or if there is a country club/restaurant.
The correct term for these rules is ‘Covenants, Conditions and Restrictions’ – or CC&R’s. These by-laws will determine what you can and cannot do with your property. They can and will have a significant impact on your ownership.
Are HOA penalties real? YES! In severe cases, the HOA can put a lien on your property and initiate foreclosure proceedings. Penalties are legal bills that you are obligated to pay. So, it’s important to know the rules and what penalties you can expect. Like anything else, some HOA’s are very strict and some are more relaxed. Take a look at the penalty/foreclosure section of the document and see if you can determine if they have a lot of these problems. If so, you might want to move on to another community.
Ask a few questions:
- What are the parking policies? Will you have designated parking spaces? Or a garage? Do you expect to have a lot of friends to visit? Where will they park? Improper parking can involve fines and penalties!
- Do you expect to rent the unit out? Or, on the flip side – do you want a community where there are no rentals allowed? Would you prefer all owner-occupied homeowners? Many people feel that this policy upholds their property values.
- What about pets? Are they allowed? Size restrictions? Leash laws?
- Will you be required to paint your house within certain time frames?
- Who will take care of plumbing or roofing problems? Exterior maintenance?
- Trash? Are there certain times you can leave trash out/pick up the can?
- Try to determine how notice will be given to you in case of an infraction. Will you have a time limit to correct the problem? What fines can they impose?
Buying a new Branson Condo is fun and exciting! Do your due diligence and it will pay off in the long run! Please contact me with any questions you have! I look forward to helping you not only find your perfect condo – but to walk with you through the entire process! Pam Rumley 417-243-0100.