HOA EXPLAINED
Thinking of buying a home with an HOA: HOME OWNERS ASSOCIATION?
WHAT IS AN HOA?
What you need to know about homes in an HOA?
Buying an home in an HOA can be something you run into during your home buying process. Here in Charlotte, NC
communities with HOA are becoming more accepted. However, an uneducated buyer or a buyer who maybe wasn’t informed correctly could be making a BIG mistake.
As a Realtor® here in Charlotte, NC I have seen the Good, Bad, AND the UGLY with HOAs. I have lived now in 4 communities with HOAs and each time I feel like I learn something new.
My video below will walk you through some of the terminology and what to expect when buying a home with an HOA.
What type of properties have HOAs?
1. Single Family Homes
2. Town Homes
3. Condominiums
What are the different types of an HOA?
1. Voluntary
2. Mandatory
3. Optional
Can you answer these questions about a Charlotte community with an HOA?
1. Is there an architectural committee or review
2. Are their rules or regulations on items that might be important to my way of life
3. Are their any upcoming assessments with the HOA
4. What does the HOA cover for exterior maintainence
5. Can you view a copy of the financials?
6. Big ticket items when were they last done: roof, pool, siding, tennis courts
7. Older buildings- issues with pipes/ plumbing/ roots
8. Restrictions with an in-home business
9. Restrictions with a commercial vehicle?
10. Restrictions with colors you can paint your home or really anything cosmetic to the exterior
11. Restrictions to items like: a shed, screen porch, trellis, expanding a driving, carport, mailbox
12. Holiday decorations
These are some of the main ones I have encountered to be areas of concern over the years. Your Realtor® should get you a copy of these documents if possible before you write an offer and do a consultation with you to find out what is important to you.
When were the community by-laws written?
I always advise my clients if I do not know someone personally who lives there, or can’t find someone, to try to “meet” an neighbor to get the inside scoop on the community.
All in all, living in a community in Charlotte with an HOA will help protect the integrity of your investment. But, for the person who doesn’t like rules or keep their exterior up with the Jones Family, it might be something to really consider before buying in a community with one.
If you would like to learn more about living in an HOA just ask!
Danielle Edwards
South Charlotte Real Estate
Realtor, REMAX EXECUTIVE
Hefferon | Edward Team
704-761-7484
Licensed In: NC
License #: 249833
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