Key Facts Every Home Buyer Should Know About HOAS
You and your real estate agent have searched far and wide and have now found the perfect property for you.
It has everything you’ve always dreamed of. From the pristine masters bedroom, a kitchen everyone would envy, a basement that just screams man-cave, and more space you’ll like want to get your creative hands on.
You’re just aching to escape that dreary and cramped apartment unit into a place of your own where no one will nag you over rent and more importantly, tell you what you can and cannot do with your decorating choices.
But if your dream property is already part of a Home Owners Association, you’ll find that all that freedom about being able to do anything you want with your home may be a bit limited.
Before you give your real estate agent the go signal to purchase the house, learn more about HOAS and why you should consider Stewart Realty.
What’s Up With HOAs? There are many policies every house should adhere to if it’s part of an HOA and you should be aware of them.
Things like what colors are only allowed to paint your exterior with, the kind of pets you can get, and even plants you are allowed to grow. Usually they may have policies on lawn mowing and how often you should get that done as well as the number and kinds of vehicles you are allowed to park out front.
It may come as a surprise, but an HOA may also have the authority to deem you a worthy home owner or not.
The United States has an estimated 350,000 HOAs operating today. That means there are 40 million homes listed under an HOA. That means HOA members make up over 50% than independently owned home owners in this country.
Home Owners Associations seemingly get bad rep all the time but why all the hype and why do home owners seem to flock to it instead of independently owning a house?
Home owners choose to be part of an HOA because this institution can provide security and peace in the neighborhood.
Regulations that dictate your house’s look and its maintenance help greatly in protecting its value.
It becomes the duty of the members of a Home Owners Association to come together to look after an empty house due to foreclosure. This allows the now empty house to somehow maintain its value thereby help the neighborhood not lose any.
Having private security guards in the neighborhood is one of the many perks in HOA living. If it’s more perks you’re looking for to convince you further into getting your house in a HOA is the shared recreational facilities such as ball parks and swimming pools.
For more information about the benefits of HOAs, do check out blogs from Stewart Realty.