If you are in the market for a home in Charlotte, North Carolina, you likely are hearing a lot about HOAs. You may already know that it is short for Home Owners Association, but there is much more to it than that. Any Realtor in Charlotte, NC is very familiar with HOAs and should be able to fill you in on everything you need to know about them.
HOAs are normally formed when developers create residential property that will be used by multiple families. This includes neighborhoods of single family homes, condos and townhouse complexes. The HOA is an organization created to ensure a set of guidelines meant to provide structure for the community is followed. HOA documents state specific rules and regulations as well as how to finance maintenance of shared areas including swimming pools, club houses and fields.
HOAs are intended to be in place to benefit the common good. CC&Rs (Covenants, Conditions, and Restrictions) are in place and dictate some of the ways in which you can maintain your home, possibly including renovations, parking RVs, what color you paint your house, how many and what type of pets you own, etc.
An HOA board is typically a group of elected neighbors who decide the future direction of the HOA. Most importantly, they plan the budget and seek out vendors to help with maintenance and other expenses provided for in the HOA budget. The board is not a legal entity but residents who break the rules of the HOA can be taken to court and liens can be filed.
Since the HOA has a budget that provides for the care of common areas and ultimately is meant to make the community a better place, it needs funding. This is where HOA dues come in. Depending on where you live your HOA monthly dues could vary greatly. When you move into a community with an HOA you will be notified of the current HOA dues but they can be raised or lowered by the board depending on the needs of the community. Be sure to calculate HOA dues into your budget when considering your mortgage .
There are benefits and drawbacks to HOAs. When you live in a community with an HOA you know that there are limits to how much it will change with new neighbors moving in and you can rest assured that no eyesores will pop up due to renovation. However, some find the rules and regulations stifling when it comes time to renovate or think that the dues are too high or not going where they are needed. Buying in a community with an HOA is a personal decision that you should consider on a case-by-case basis and talk it over with your real estate agent in Charlotte, NC.
If you have any other questions about HOAs, or are considering buying a new home, contact a Realtor in Charlotte, NC at Charlotte Home Experts. Even if you find yourself saying, “I want to sell my house fast in Charlotte,” we can help. Call us today at (704) 837-8236.