Hello and welcome back to My OKC Metro Life! My name is Ronnie Jordan and I serve all of the amazing people of the OKC Metro Area. And today, we’re talking all about homeowners associations and 4 Ways to Tell If You’re Buying a Home in a Good Homeowners Association.
But First….think back to one of those times in you life where you decided to get back in shape and join a gym. So I’m sure, like me, you were looking for good monthly rates, something close to home, maybe a place with friendly staff and easy access to the equipment
But how would you know if it was a well run gym? One that had newer equipment? A gym where they repaired any broken equipment quickly? And one where the inside of the shower were cleaned daily?
Now, imagine if the one you selected, you had to keep as long as you owned your house in the OKC Metro?
Well that’s kinda like buying a home with a HOMEOWNER’S ASSOCIATION. So once you buy the house, you’re stuck with that HOA as long as you live there!
But this video on 4 Ways to Tell If You’re Buying a Home in a Good Homeowners Association will help!
What exactly is an HOA?
HOA’s manage, maintain, and regulate everything that is outside of the home. Things like the structure of the building. And if you live in a condo or townhouse, then usually the common areas and entrances to the addition. Also things like greenbelts, landscaping and the recreational areas, if they have them.
But unlike the membership of other community organizations you can’t resign if you’re unhappy with the way the organization is run.
4 Characteristics of a GOOD HOA!
#1 – The Community Looks Good
If the community looks good, it usually means that something positive has impacted the community. Of course, the opposite is also true.
So if you’re thinking about buying into a community, take an objective look at its appearance. Is the structure of the building in good repair? Are the trees pruned, the beds weeded and the landscaping well maintained? Is the pool clean? Are any of the homes in the community eyesores?
Now, your answers to these questions reflect on whether the HOA is performing its duties properly and requiring homeowners to do the same. The proof, as they say, is in the pudding.
#2 – Good Communication
This is your community and you have every right to know what’s going on in it. Do your research. Figure out how the HOA board communicates with homeowners. The options are numerous and include newsletters, websites, annual reports and emails.
Also, check for flyers advertising community meetings. If homeowners are invited to attend committee meetings, it’s a good sign that their input is heard and valued.
#3 – Good Procedures for Safeguarding Money
The best HOA’s put checks and balances in place to safeguard against the risk of financial mismanagement. They employ a second set of eyes – someone not on the board –to collect the dues, pay the bills, and review checks and invoices to make sure the HOAs financial affairs are in good order.
Often the second pair of eyes is a professional property manager, a lawyer, or an accountant on staff.
#4 – Clear HOA Rules
Now, the best boards run structured, business-like meetings that give transparency to every decision the board makes. Also, HOA’s tend to have a set of rules called Covenants Codes and Restrictions.
CC&R’s supercede city, county, and state laws and come with hefty fines if they are violated. So it’s really important to know if you’re moving into a community with a strict HOA.
CC&R’s are meant to be applied objectively and fairly throughout the community – but sometimes they’re only enforced if a neighbor complains. The best way to tell if CC&R’s are applied consistently (or not) is to take a tour around the community.
So if everyone’s landscaping is immaculate, the HOA is probably very strict. But if some homes look run-down, and others don’t, it’s a good sign that the HOA is pretty lax on enforcing their rules.
As Your Realtor….
Now as a real estate agent, I can help you do the research into Homeowners Associations so that you can make sure you’re buying into a good neighborhood.
In fact, with a recent client I helped get into a condo, I really had to roll up my sleeves. My client and I were challenged with not getting a timely response. So with a little digging I found the name of the HOA President online. I called him up and was able to receive the Condo HOA bylaws in no time.
The President appreciated learning of a communication opportunity within his association and my client was satisfied to received the important HOA information she needed.
Here is all you need to do….
At this point, you may be convinced that you may need some guidance around the area of HOA’s. But you may also be thinking that you have no idea where to start.
If you’re thinking about making a move, I can help you through the process. Just send me a message or text me at 210-279-7990. Or send me an email at [email protected]
No pressure, no sales tactics, just the help and guidance that you need!
To learn more about me or reach me online, CLICK HERE!
And for other Real Estate Tips & Updates, CLICK HERE!
Thank you so much for joining me today! I hope my video on 4 Ways to Tell If You’re Buying a Home in a Good Homeowners Association has been helpful.
I’m Ronnie Jordan and, I’ll see you in the next episode of My OKC Metro Life.