What is an HOA?
It’s important to learn more about the neighborhood HOA, such as annual dues, community amenities, and restrictions when looking to buy a new home. The goal of the HOA is to help maintain home values and the overall aesthetics of a neighborhood.
When looking for a house, many buyers tend to take into account costs associated with owning a home such as insurance, utilities, and taxes. One thing buyers may not think to consider is whether the house is in a neighborhood with an HOA, what the dues are, and how the association is run. Many buyers may be aware of association dues and regulations in multi-family developments such as condos or townhomes. But, it’s becoming a new normal to find HOAs in developments with single-family homes
What is an HOA?
There are different definitions out there for a Homeowners’ Association and many operate differently from one another. A Homeowners’ Association, or HOA, is an association that works to maintain and oversee the common areas of a neighborhood or property complex. It’s fairly common to find them in neighborhoods that offer amenities such as a community pool, gated access, a playground, tennis courts, etc. The HOA is typically a volunteer-based board made up of homeowners living in the neighborhood. Many HOAs have committees that coordinate neighborhood events, review proposed changes homeowners wish to make to their property, enforce the covenants, and more.
Get to Know the Rules
The covenants, conditions, and restrictions are different for every HOA. Some rules commonly seen in HOAs are in regard to the overall appearance and aesthetics of the neighborhood, such as the appearances of houses and lawn maintenance. Some also have restrictions regarding street parking or where residents can park their boats and RVs. Others may deal more with coordinating neighborhood crime watches and events.
When considering a house, it’s a good idea to ask for a copy of the HOA covenants, conditions, and restrictions to get a better idea of what is allowed and not allowed in the neighborhood. It’s becoming more common for HOAs to have a website or social media page, which is a great place to learn more about the community. For example, some mandate there can be no cars parked in the yard of any house in the neighborhood. If a homeowner wants to paint the house a new color, change the landscaping, or add on to the property, the owner has to submit the proposed changes to the HOA for review and approval. The committee will review the proposed changes to ensure they fall in line with the covenants of the neighborhood. While these may seem rather burdensome or trivial, the HOA was designed to help maintain home values and the overall aesthetics of a neighborhood.
How are HOAs Funded?
Many HOAs require annual, quarterly or monthly dues. Those dues will vary based upon the size of the neighborhood and amenities. Dues are used for a number of things including maintenance of common spaces such as neighborhood entrances, playgrounds, pools, etc. In gated neighborhoods, many of the items that would normally be maintained by the city or parish must be maintained by the HOA. These items may include roads, sidewalks, and street lighting to name a few. Some HOAs will hire a property management company to oversee the collection of dues and coordinate maintenance issues.
Another thing to consider is whether the house is located in a new development. There may not be many amenities or common spaces to maintain as the neighborhood is being developed, so dues may be minimal. The developer may cover some of the associated costs while the neighborhood is still being developed. The true cost associated with running the HOA and maintaining the neighborhood may not fully come to light until the neighborhood is near completion and the developer turns the HOA over to the new residential board.
It’s important to pay the dues on time. Depending on the bylaws, late fees and interest could be tacked on to the bill and the HOA could place a lien on the property if the dues are not paid. The HOA could also foreclose on the property for nonpayment of dues.
After the Closing
Contacting the HOA should be a priority on the Post Move-in List as it is important to provide contact information to the HOA. It’s also a great time to get more information regarding upcoming neighborhood events or other ways to get involved. The HOA cannot operate without residents who are willing to give of their time.
It’s also a great idea to attend neighborhood events such as an ice cream social, an Independence Day parade, Halloween trick-or-treating, and a Christmas party. These events can serve as a great way to meet neighbors and build relationships.
It’s important to remember that the volunteers who serve on the HOA are your neighbors and friends. Like you, they want what’s best for the community. Every homeowner benefits from a well-cared for neighborhood.
8 of the Best Places in America to Retire
Finding a place to retire doesn’t have to be stressful. There are many living options for you to look at that offer the things you love.
Finding a place to retire doesn’t have to be stressful. Just think about what you love to do and what kind of adventures you want to partake in. There are countless places that offer the things you love, but for now here are 8 places that you should consider.
Colorado Springs, Colorado
Colorado Springs is a vibrant and attractive city for retirees. There are many opportunities for an active life in the great outdoors of Colorado. Colorado Springs is nestled at the base of Pikes Peak and is the home of the Garden of the Gods, one of the most breathtaking national wonders in America.
Indianapolis is the biggest city in the Hoosier state. Living in a big city may seem like a questionable financial move, but Indianapolis offers small-city pricing. There are numerous cultural activities that the city offers. Fan of the arts? The Indianapolis Museum of Art offers free general admission on the first Thursday of each month. If you enjoy world renowned art exhibits, beautiful gardens, or summer nights outdoor movie screenings, the IMA is the spot for you.
If you are looking to retire near the beach, Tampa is a great spot for you to check out. While Tampa is located right by the beach, the city still offers many urban attractions, such as malls, sporting events.
Aiken, South Carolina
Located in the center of South Carolina’s “Thoroughbred Country” Aiken is just a small town that is placed right outside of Augusta, Georgia. There are dozens of opportunities of take place in golfing tournaments, as well as to watch steeplechase horse racing. Aiken is also well-known for its parks, historic buildings, wooded areas, and art museums.
Rockport is one of the largest retirement communities in the United States; more than 25% of the popular is older than 65. Not only is it a thriving retirement community, but it also is conveniently placed between two big cities. The ocean is not very far away from Rockport, as well as all the amenities that come with living in or near a big city.
Astoria is a little beach town tucked into the Northwest corner of the beautiful state of Oregon. The mighty Colombia River runs through Astoria on the way to the Pacific Ocean. Lovers of nature need look no further than Astoria to find a peaceful small town with specialty shops and delicious, fresh seafood!
Mendocino is more than just a place—it’s a state of mind. Mendocino boasts gorgeous natural scenery combined with a tight-knit local community. With the perfect mix of social opportunity and natural wonder, Mendocino is a retirement dream.
Thinking about where you want to retire certainly can be stressful, especially if you have no idea where you want to purchase your new home. All eight of the cities that we talked about in this article are great places to retire; they’re all filled with fun adventures that you can partake in. Just think about what you love to do and you will be all set to pick the best location for you to retire in!
Source: CB Blue Matter/Sharon Le
Walking Trails Overtake Golf Communities
A golf course is no longer the showpiece of a master-planned community. Instead, buyers are showing a greater preference to live near extensive trail networks and shared gardens. Developers are responding with new developments that are pushing out golf courses in favor of other outdoor areas that foster a sense of community.
Read more: What Will Replace Golf Course Communities?
“What we’re seeing is this trend toward helping people interact with each other and helping them interact in natural environments,” says Ken Perlman, a principal at John Burns Real Estate Consulting in San Diego. “There is a real desire to be outside, to have their space, and to get their breath of fresh air.”
In response, developers are adding in more walking trails in a community. But the trails can’t just be in a straight line, they say.
“When you talk about trails, they should be meandering,” says Dean Naef, president of Rise Communities, based in Katy, Texas. “No one wants to be on a linear trail where they can see what’s coming. We want curvilinear where the landscape changes. We like to create monuments along the way, respites to work out on, or take a rest to enjoy art.”
The New Home Company’s upcoming Russell Ranch community in Folsom, Calif., is adding mountain biking and hiking trails that rise and fall with the topography. A community known as Daybreak, outside of Salt Lake City, will use its mountain backdrop to have a looping walking trail and a separate bicycle lane for riders. The community also features public gardens, kayaking, and 30 miles of trails.
Jessica Lautz, managing director of survey research at the National Association of REALTORS®, says that millennials are a big driver behind the trend of more nature incorporated into developments. More millennials rate living near parks and recreation facilities more important than do older generations.
Source: “A New Kind of Green: Developers Trade Golf Courses for Hiking Trails, Gardens to Draw Buyers,” Construction Dive, National Association of Realtors, REALTOR magazine