If you’re buying a home within a neighborhood with an HOA, you need to review HOA documents. These documents generally include the Declarations and Bylaws and the Rules and Regulations.
The reason you need to review these documents is that when you buy a home in an HOA controlled neighborhood, you’re not just buying your particular home, but you’re also buying into the neighborhood. You need to figure out if the neighborhood is stable and healthy financially speaking or if there could be potential problems, either with big upcoming maintenance issues or delinquent owners who aren’t paying their HOA fees, etc. It’s also important to learn about the neighborhood rules such as:
Are there pet restrictions (number of pets, breeds, weights, etc.)?
Architectural review committee conditions ?
Types of fences or play structures allowed?
Can you lease your unit and, if so, for how long?
What is included in the HOA fees?
For all of the above reasons, we strongly urge you to read each HOA document thoroughly. Write down any questions or issues you’d like to know more about as we can ask for clarification or further documentation. Pay particular attention to the meeting minutes as this is often where you’ll learn what’s really going on in the neighborhood and any future plans for big ticket repairs.
After you’ve read the HOA docs, email me any questions you have and whether you feel comfortable going forward, want to cancel the contract or would like additional information.
