As a Buyer there are several questions you should ask if the
home you’re considering is located in an area with an HOA, or “Homeowners
First off, can you afford the dues? HOAs are
funded by the homeowners (members) dues. These can be paid monthly, quarterly
or annually. Dues can be very expensive,
especially if there are several amenities that you will be paying for. It’s
important to know what you’ll need to budget for.
Speaking of Amenities, find out what your HOA
includes! Some just cover management fees and common area landscaping upkeep.
Others are much more extensive, and include swimming pools, tennis courts,
walking trails, front yard maintenance, gated entries, etc. If you don’t need (or won’t use) most of
these, you may want to consider a different neighborhood because the dues can
really add up!
Know what the rules are! Be sure to get a copy
of the CCR’s (covenants, conditions and restrictions) before you commit
to buying! Some Associations can be
quite strict, others not so much. But it is a good idea to know if you can park
your RV in the driveway if that is your plan!
Do you want to volunteer? Most HOAs welcome new
members to serve on committees and their boards. By volunteering, not only will
you be doing a service for your community, you’ll be able to meet other people
in your neighborhood!
Just recently, on September 1 of this year (2021), new laws
were put into place regarding HOAs. These are to help the consumer, and Texas
played a big role in making this happen! Here are a few of the new laws:
Fees are now capped for information about the
subdivision at $375 and resale certificates at $75.
By December 1, 2021 there will be a publicly
accessible central database of all Texas HOAs.
HOAs will now be required to maintain a website
with valuable information such as meeting information and notifications along
Property Owners are now protected against
negative credit reporting when a fee is in dispute.
HOAs can no longer ask for the entire lease
agreement if the home has tenants living in it. Only contact information along
with the start and end date of the lease is allowed to be requested.
HOAs are now required to provide timely notices
about upcoming meetings to all members.
With new reforms in place, living within an HOA should prove
to be a much better place to be! Thanks again to all the Texas REALTORS®
who were involved in getting this done!
As a Buyer there are several questions you should ask if the home you’re considering is located in an area with an HOA, or “Homeowners Association”. Also, learn about the new Texas HOA reform laws that went into effect September 1, 2021.