BluefoxToday blog : Is an HOA for you?

Is an HOA for you?

Homeowner's associations, or HOAs, have at times been berated by angry residents who feel they've been wronged by the rules that are part of the deal in certain communities. Or perhaps not the rules themselves but how someone in the HOA management interprets them. Anyhow, it's important to know what the usual CCRs, or covenants, conditions and restrictions, mean before a purchase is made in an HOA neighborhood.

According to the Real Estate Division Nevada has about 3,000 associations that include some 450,000 condos, townhomes and single-family houses. Most of them are of course here in the Las Vegas metropolitan area.

The CCRs can vary widely but normally cover matters like where your car can be parked, the color of the home and even when trash can be placed on the curb. They generally won't allow basketball hoops in the driveway or someone fixing his car for three months in front of the garage. Things like that. In a way they protect the neighborhood from the few who like to do things out of the ordinary and drive home values down with their behavior. For that, the homeowners have to forego the complete freedom to do whatever they want to.

HOA dues can also bounce from a mere $30 a month to several hundred dollars a month. It largely depends on what services are included in them. Maintenance of swimming pools, clubhouses, spas and extensive lawns and landscaping within a community costs money and the dues are higher. Often with condominiums and townhomes the building insurance is worked into the dues and they can also cover water and utilities. Those who like to use the pool and workout facility regularly see good use for their monthly assessment, but the ones who don't do that are mostly wasting their money. 

It pays to get an adequate picture of what an HOA entails in a given community before buying there. Those who want paint their house pink ought for sure to stay away from one of these places.

 

 

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Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 2 commentsEsko Kiuru • July 17 2008 10:52PM

Comments

Esko all to often Buyers do not give the attention to the details of a purchase that they should. This happens on the Lending side all the time, and then it is everyone else's fault but their own.  There is a reason why documents are given during the process of purchasing a property, if the Buyers don't read what they are agreeing to, then it seems easy to me as to whom the fingure should be pointed at.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 10 years ago

George,

That's right. Buyers should take more personal responsibility of what they are signing for.

 

Posted by Esko Kiuru almost 10 years ago

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