While co-ops and condos have maintaince fees, houses located in housing developments have homeowners’ association fees. These could be either new homes, or exsisting ones.
The Homeowners’ Association collects the fees, as they are the legal entities created to maintain common areas and enforce deed restrictions. Shortly after you move in, you will receive the Covenants, Conditions & Restrictions (CC&R’s) which should clearly state what needs to be adhered to in order to maintain the quality and value of the properties located within the community.
Restrictions can include parking on street (including your moving truck on moving day), landscaping approval or types of plants allowed, fence restrictions, pool restrictions, erection of basketball hoops or tree houses, storage of boats and RVs, number of pets and age requirements of residents.
If you are looking to buy a home in a community with a HOA, you should request a copy of the CC&R’s; ask about any CC&R’s recorded against the home; find out what the current dues are; find out how often the dues have been raised during the history of the HOA; and determine if there are term limits for the Board, and if Board members have attended training sessions in efficient HOA management.
Related links:
8 Mistakes When Planning a Move
5 Easy Steps When Organizing a Garage Sale
Moving Day: A Checklist of What To Do
This entry was posted
on Wednesday, January 27th, 2010 at 2:58 pm and is filed under Moving, Real Estate, Relocation.
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