Lake Murray Real Estate Company Familiarizes Homeowners with HOA Requirements
Noted Lake Murray real estate company RE/MAX AT THE LAKE continues its long tradition of guiding local residents in their home buying and selling process. In a recently released blog post, the company has shared useful information to familiarize readers with HOA or Homeowners Association requirements. This insightful article has been written by renowned real estate expert and RE/MAX AT THE LAKE founder Molly Sims.
The blog starts by defining HOAs or Homeowners Associations as governing bodies that set and enforce the rules of a condominium development or neighborhood. Their responsibilities include maintaining common areas and overseeing the restrictions, covenants, and amenities of the neighborhood.
In this article, Molly Sims urges homeowners to get a copy of the HOA rules from their real estate agents. Satellite dishes, pets, exterior paint colors, plant and tree choices and fences are some items that may be regulated by the rules, she informs. Each HOA has its own set of rules and restrictions and homeowners must review them thoroughly to ensure that such rules suit their personal preferences.
According to Sims, it is important to find out about the annual fees, what is covered by it, and what the process for increasing them is. It is also advisable to inquire about pending special assessments such as storm damage, a clubhouse roof, resurfacing a parking lot or a large landscaping project for a common area.
Sims suggests talking to a few persons living in the neighborhood because it can give homebuyers a good idea about the HOA. Some important points to discuss include the ease of dealing with board members, transparency in money management, efficiency in resolving conflicts, etc.
Before purchasing new homes, the buyers should take time to figure out if the seller owes money for HOA violations. Common violations often concern exterior maintenance such as painting or landscaping issues. In these circumstances, the title company requests an estoppel certificate from the HOA to guarantee that problems have been corrected. The closing date could be delayed if the issue is not addressed prior to closing.
Molly Sims believes that HOAs have their own advantages as well as disadvantages. They make a neighborhood more secure and comfortable and help residents get to know each other. However, in certain instances, a neighborhood’s HOA rules may be too restrictive.
“Living with an HOA is usually not a problem and will enhance your neighborhood and home value. However, they are not for everybody. Educate yourself well before buying within an HOA community and decide if it’s right for you,” Sims writes.
More about RE/MAX AT THE LAKE can be found by visiting homesinchapinsc.com
About RE/MAX AT THE LAKE: RE/MAX AT THE LAKE is a trusted real estate company serving Lake Murray area including, Chapin, Lexington, Irmo, Little Mountain, and Columbia. With local expertise and over a decade of Lake Murray real estate experience, the company guides its clients through the home buying and selling process to ensure a delightful home purchase experience for all parties.
Tali Haim
RBN Media
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