Learn about the basics of a HOA
A HOA, or homeowners association, is an organization that makes and enforces rules in a neighborhood. Not every neighborhood is a HOA in Locust Grove. Every HOA is also different. People can have strong feelings about living in a HOA. Some are completely opposed to them while others are not. When you are searching for a home in Locust Grove, learning more about a specific HOA can help you make a decision about whether the neighborhood is a good fit for you.
What does a HOA do?
A HOA makes rules and regulations for the neighborhood. The rules typically deal with the exterior appearances of homes and the use of common areas. For example, a HOA in Locust Grove may regulate the parking of RVs or trailers in driveways. It may create a rule that all fences must be a certain size or color. The HOA also maintains the common areas of the neighborhood like a playground or swimming pool.
While these rules can feel a little silly and restrictive to some, they also help to maintain the property values of all the homes in the neighborhood. Every neighborhood will have different rules, so what you can do in one neighborhood, like building a fence, may not be permitted in another.
Who runs the HOA?
This can vary from community to community and is often dependent on the size of the community. The HOA board is made up of volunteer homeowners who are elected by the members of the neighborhood. Sometimes the board also has members from the developer of the community. The board of volunteers from the neighborhood that can oversee the daily business of the HOA in Locust Grove like voting on the establishment of new rules and running community events. Sometimes, a third party management company is brought in to collect fees, look for violations of the rules in the neighborhood, and manage maintenance of the common areas.
What does the HOA fee cover?
Every HOA charges a fee to all the homeowners. The amount of the fee varies greatly between neighborhoods and the amenities available. For example, if you move into a neighborhood like Lake of the Woods that has two pools, numerous parks, and two lakes, you can expect to pay a higher fee than if you live in a home in Somerset where there is only one swimming pool.
Is the HOA fee included in my mortgage?
No, the HOA fee is separate from your mortgage. It is important to calculate the fee into your monthly budget. You can find out how much a HOA fee is through your Realtor®.
What if I don’t follow a rule in the HOA?
If you don’t follow a rule in the HOA, then you are subject to fines. Some HOAs will contact you to let you know that you are in violation of a rule before they fine you while others will not. The amount of the fine is unique to the neighborhood.
How can this happen?
When you purchase your home, you sign documents saying that you agree to the rules of the HOA in Locust Grove and understand the consequences for not following the rules.
How do I find out what the HOA rules are? What if I don’t like the HOA rules?
Any HOA in Locust Grove, or elsewhere, has a packet of their rules and regulations that is shared with you when you have an accepted offer for a home in the HOA. As the buyer, you get a few days to review the documents and decide if you are comfortable with the HOA. If you realize that the rules aren’t a good fit for you (for example you have a dog and the neighborhood doesn’t have a fence), then you can exit the contract within that time period and begin the search for a new house. This is why it is so important to thoroughly read the HOA packet before you move forward with the purchase of a home.
