Posted on: 29 December 2016
When you finally find your dream home, you may be surprised to learn that it is part of a homeowners association. This means that there are certain rules that you must follow to live in the community. Before you make an offer on the home, consider these three things.
Will You Need To Make Improvements After Moving In?
You may be buying a home in a homeowners association, but that doesn't meant that the home is up to date on all of the rules of the community. Make sure you get a copy of the rules, and verify that the home is meeting all of the current requirements of the community. If an owner is looking to sell, it's possible that they could be falling behind on some of the maintenance that they need to do in hopes that someone else has to do it. This could include the upkeep of the exterior of their home, such as making sure that the paint is not peeling.
By understanding what will need to be done after you move in, you can request that the seller takes care of these things before the sale of the home. If not, you can request a credit at closing to cover the costs that would otherwise come out of your pocket.
Is the Homeowners Association Strict?
Not all homeowners associations are bad. Some have basic guidelines to help keep the real estate values of the community high, while others can be quite strict in how they do business. It helps to ask a neighbor what they think of the local homeowners association, and if it is problematic. You may discover that problematic neighbors tend to complain about other people's homes, or that a board member goes around regularly to look for violations.
You can also ask to attend a homeowners association meeting, or request the notes from a recent meeting. It will give you a good idea of what kind of community it is like before you decide on buying into it.
Are There Unreasonable Rules?
Find out if there are any regulations that could be unreasonable to follow. For instance, there may be specific regulations about how animals are allowed to be outdoors, even in a fenced off backyard. There may be restrictions regarding having a home business, especially if you have people frequently stopping by. If these restrictions are impossible to follow, you may need to find a home in a different community.
For more information or assistance, contact a local real estate agent.Share