If you’re buying a home in a subdivision or neighborhood that has a homeowners’ association (or if you’re buying a condominium in Mint Hill or any other development that has this type of association) there are a few things you need to know before you sign the dotted line.
What is a Homeowners’ Association?
If your neighborhood or condo development has a homeowners’ association, you’re obligated to join it when you buy a home there.
The homeowners’ association, or HOA, collects monthly or annual dues to pay for upkeep of common areas and, in the case of a condo, the building itself. All of the residents in the community must be equally responsible for maintaining the common areas (or the building itself), so everyone must pay dues.
What You Need to Know About HOAs
Each HOA has its own rules and regulations, which are commonly called CC&Rs (covenants, conditions, and restrictions). The rules and regulations exist to protect, preserve, and enhance property values within the community.
The average monthly HOA payment is between $200 and $400, but each community varies based on the type of housing, what neighborhood it’s in, and even the costs of the homes within the community.
What an HOA May Limit
Because the ultimate goal of a homeowners’ association is to preserve and enhance property values, you may encounter resistance when you want to make customizations to your home’s exterior. An HOA’s CC&Rs may include requirements that you keep your lawn maintained a certain way, that you don’t deviate from a general template of colors when you repaint your home, or that may prevent you from installing exterior features, such as a satellite dish, a garden, or even solar panels.
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