Can you afford it?
HOAs are funded by member dues paid monthly, quarterly, or annually. Be sure to ask the seller how much dues are and when they’re assessed so you can factor the cost into your purchase.
Will you follow the rules?
All members of an association must adhere to a set of rules known as the covenants, conditions, and restrictions (CCandRs). These rules regulate many facets of homeownership, such as lawn maintenance, architectural design, and where you can park vehicles. Ask the seller for a copy of these guidelines to review before you decide to buy.
Are you much of a swimmer?
HOA dues are often used to maintain common areas and amenities, such as swimming pools or hike and bike trails. These can be selling points for some buyers, while others may not expect to use them. Even if you don’t swim, these features could add to the property’s future resale value.
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.
Why the rise in HOA properties? As suburbs grew in the 60’s and 70’s, community amenities were funded and maintained by city governments – such things as parks and pools. Beginning in the 80’s, more and more communities pushed the responsibilities for these items out to the home builders and developers.
If considering buying in an HOA area, Texas real estate law requires the seller to provide you a copy of the rules and you have a right of cancellation, up to five days after receiving the rules, if you find them objectionable.
HOA’s help maintain property values by enforcing lawn care, overparking of vehicles, etc. But, you are becoming part of a community – make sure the community rules are something you can live with. And, be sure to consider getting involved with the regular meetings and even the committees in the area. It’s a great way to meet your neighbors and ensures you a voice in the process.
For help in finding a great home in DFW, either with an HOA or without, email me at firstname.lastname@example.org.
HELPING YOU MAKE YOUR NEXT GREAT MOVE!