Friday, March 27, 2009

What is an HOA?

Here is a little info in on North and South Carolina Homeowners Associations:

A homeowners' association (HOA) is a legal entity created by the real estate developer of a development for the purpose of building, managing the neighborhood and selling homes.

An HOA allows the developer to cleanly exit financial and legal responsibility of the community when they are done, (or as they are finishing development) usually by transferring ownership of the association to the homeowners in the community after selling off a predetermined number of lots.

The pros and cons vary from community to community, state to state, however in general, having a HOA that is looking out for a neighborhood's common areas (pool, ponds, common areas, parks, etc.) as well as for the value of the neighborhood as a whole is a good thing. While it may seem (and be) restrictive to have limits on home colors allowed or what kinds of fence you can build, no one wants to be next door to the family that decides to put up a 12 foot metal wire fence around their home, or run their part-time car-repair shop in the front yard. HOA's help keep the overall value of the neighborhood high and help keep order and solve disputes amongst the homeowners.

Our advice is always to check out the HOA rules and regulations before you decide on a neighborhood, ask any questions you have ahead of time and keep an open line of communication with your Realtor as you are finding the perfect new home.

If you have any more questions, please let us know.  We are very experienced in the Charlotte HOA arena and would love to answer any question you may have. 

Property Manager - Charlotte

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