When considering a neighborhood, one should also consider their lifestyle.
In the beginning a home search it is always important to discuss with your Realtor your lifestyle, hobbies and family pets. Most subdivisions have an active Homeowner’s Association, an HOA, which compiles rules in documents called the covenants, conditions and restrictions, or CC&R. Many times, home buyers do not review the covenants, conditions and restriction documents until after they are under contract for a home.
However, if the seller’s agent or buyer’s agent does their homework up front, it can save everyone a lot of time and energy making sure the buyer is not pursuing a property too restrictive for their lifestyle.
Among the items a typical homeowners association may regulate:
Pets.
Architectural design, paint color, siding materials.
Fences, dog runs.
Landscaping (what types of plants or flowers can be planted).
Swing sets, basketball hoops, other structures for children.
Exterior parking of cars, and recreational vehicles.
Storage sheds.
Home-based business.
Vacation or home rental.
Thus, one common interest community, or CIC, may allow residents to park their motor home on the street, but have a time limit allowing them to clean or stock before or after their travels. Another CIC may allow cats or small dogs, but not large dogs. Still, another might allow children’s swing sets in the backyard, but not a basketball hoop in the front.
Along with the covenants, conditions and restrictions, fees can vary considerably. Some CICs charge a nominal monthly fee to maintain common areas and for snow removal, while others can charge significantly higher fees and cover exterior insurance and maintenance.
These restrictions and conditions can be linked to property value, as many people find an orderly, landscaped neighborhood desirable.
The CC&R documents can be changed if a minimum number of homeowners in the community vote to make the change. The HOA will hold meetings throughout the year to inform homeowners of new issues that will affect the community. Homeowner voting usually takes place at these meetings.
The CC&R documents not only provide the rules for homeowners and the HOA, but also state fines for infractions. Homeowners who disagree with a rule, or seeks to appeal a fine, usually are given the right to tell their side of the story at a HOA hearing.
For many homeowners, the most important information on the CC&R is the HOA yearly budget. The CC&R will tell you how much your HOA can charge for ordinary maintenance, as well as special charges for more substantial repairs and improvements. You will also have the opportunity to review the financial documents of the HOA to see if money is available for future repairs or projects.
Before purchasing in a community development, buyers should do their homework before they commit to purchasing. They need to know the restrictions and if they can live with them.
Kelly@homesdurango.com. Kelly Kniffin is a Realtor with Legacy Properties West-Sotheby’s International Realty in Durango, and serves as president of the Durango Area Assocation of Realtors.
