KIRSTEN COLE REAL ESTATE
  • Home
  • Meet Kirsten
    • Testimonials
  • Properties
  • Buy
  • Sell
  • Real Estate Info
    • Beach Life
    • News & Resources
    • Beach Cities Market Updates
Picture

News & resources

 Real Estate: Gated communities and HOAs

3/26/2015

1 Comment

 
Picture
More than 50 million Americans today live in condominiums, homeowner associations, cooperatives and other planned communities. Being part of a community association offers homeowners many benefits and amenities, but is something to consider before buying a home or estate within a gated community.

A Homeowners Association (HOA), is a legal entity created to maintain common areas. These are often the most affordable way to own a home, especially for first-time homebuyers. When deciding whether to enter into one of these "gated communities" you should make the following considerations.

1. The first thing to ask is whether the home that catching your eye is part of a community association. If so, your real estate agent will obtain copies of the governing documents Covenants, Conditions and Restrictions (CC&R), for you to read through carefully.

2. Recognize that member homeowners agree to comply with all governing documents. In tangible terms, these rules apply to architectural guidelines like additions, decks and paint colors, landscaping, maintenance, satellite dishes, fences, parking, pets and more.

3. Get a visual of how these rules and restrictions are actualized within the community by taking a stroll through the neighborhood. Pay attention to how the common grounds are maintained, what parking is like, and what conditions the homes are in.

4. Ask to talk to a member of the elected board or the president of the association. They will be able to give you reasoning behind the governing documents and answer any questions about how they would apply to you. Also talk to people who live in the community. Find out how they feel about abiding by their community's rules and restrictions.

5. Examine the association budget carefully. This budget sets the level of assessments and services available to the entire community. Understand that these assessments are mandatory homeowner dues that must be paid or you risk legal action taken against your property. Look for a reserve fund within the budget that will cover major expenditures, like roof replacements or the resurfacing of private roads. If there is not a reserve fund, then the association will likely impose special assessments on member households - a potentially expensive, unanticipated expense.

6. After examining the CC&R and budget, make sure the home you are looking to buy is not already out of compliance with HOA rules. Failing to do so can result in larger, more expensive issues down the road.

7. If you are environmentally conscious, assess the environmental practices stated in the CC&R. Some communities require the use of fertilizers, pesticides, sprinkler systems and other tools to keep your property in line with community standards.

8. Ultimately, be realistic. Homeowner associations have many benefits and advantages, such as well maintained public spaces and stronger communities. However these associations face the difficult task of pleasing all participating members. This includes potentially controversial community issues, which ultimately requires judgement and decision-making by the elected officials. Ask yourself how you will react when given rules that you do not particularly like or enjoy.
1 Comment
Henry Killingsworth link
2/13/2023 01:08:20 pm

You made an interesting point when you mentioned that it is a good idea to talk to a member of the home owner's association before you move into a gated community. In addition to that, I would think that it would be a good idea to speak to a representative from the company that operates the security gate. It seems like you would want to find a community that only works with a reputable security company.

Reply



Leave a Reply.

    Picture

    Categories

    All
    Architecture
    Beaches & Parks
    Community News
    Education
    Food & Drink
    Home Decor
    Home Improvement
    Real Estate
    Site-seeing Landmarks

    Archives

    June 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013

    RSS Feed

​Contact Kirsten to get started today. 

(310) 756-3524
[email protected]

#DRE​ 01450452

​
Ask her about her newsletter to get current South Bay Market information and real estate news right to your inbox... no spammy ones, promise! 
Vista Sotheby's International Real Estate

    Buying, selling, or investing in our beautiful beach cities,
    Kirsten is happy to answer any questions you may have.

    Please use this form to ask a question, request a market evaluation for your home or property, or just to say hello. 

Submit
Copyright © 2021 Kirsten Cole. All rights reserved. 
  • Home
  • Meet Kirsten
    • Testimonials
  • Properties
  • Buy
  • Sell
  • Real Estate Info
    • Beach Life
    • News & Resources
    • Beach Cities Market Updates