Can you live with an HOA? Here’s what you need to consider when you’re buying a home in a community that has a homeowners association.
What is an HOA?
A homeowners association, or HOA, is an organization with the primary purpose of preserving home values in a community. The HOA makes rules, called covenants, conditions and restrictions (CC&Rs, for short) that all homeowners must abide by, and they charge residents in the community a monthly, quarterly or annual fee in exchange for maintaining common areas and handling neighborhood governance.
What are CC&Rs?
The covenants, conditions and restrictions enacted by an HOA depend on several factors, but all are designed to preserve property values in the neighborhood. Every HOA is different; some have more relaxed rules than others do.
Some common CC&Rs you’ll encounter can include:
- Restrictions on paint colors; sometimes there’s a specific palette that homeowners have to choose rom when it’s time to repaint their home’s exterior.
- Restrictions on street parking. Some HOAs don’t allow street parking, while others do but only if cars are parked according to specific guidelines.
- Restrictions on pets. Most HOAs have a rule that you must pick up pet waste in common areas, but some also have restrictions on the types of pets you can have (even down to the size and breed, in some cases), as well as how often you must clean your yard of pet waste.
- Restrictions on gardens and landscaping. Some HOAs only allow small backyard gardens and require certain types of plants to be used in landscaping features.
Are You Buying a Home in Lake City?
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
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