Benefits of HOA Restrictive Covenants
If you live in a neighborhood with a homeowner’s association (HOA), you are probably subject to restrictions on how you can use or maintain your property. These restrictive covenants are generally designed to help keep home values high in your area and to ensure the most pleasant environment for all residents. For those considering a purchase in a neighborhood governed by an HOA, you should read the HOA’s restrictions first in order to understand the primary benefits of restrictive covenants for homeowners in the area.
Eliminating eyesores: Your HOA may offer a list of acceptable paint colors for exterior use. This list is usually intended to prevent unsightly combinations or extreme colors from creating an unattractive appearance for your neighborhood. By prohibiting hot pink, black and bright colors, Bronco orange, for example, your HOA can ensure that the homes in your neighborhood can be sold more easily without worries about these eyesores bringing down the property values within the community or preventing the sale of your home completely. Similar rules about property maintenance, mowing lawns and landscaping are also intended to preserve the value of the homes in your area.
Preventing unwanted use of the land: The restrictions included in your HOA documentation can also prevent homes from being used as rental properties on a short-term basis and can limit the ability of properties to be sold for use as trailer parks or other less desirable residential developments. This can help you to maintain a safer and more stable neighborhood for yourself and your family. Many restrictive covenants also include clauses dealing with the number and types of pets allowed in your neighborhood. For example, cows, sheep, pigs, and other farm animals are usually not allowed in residential areas governed by an HOA. Covenants will also prevent residents from growing undesirable plants and trees, such as Cottonwoods that affect people with allergies and cannabis, which could bring undesirable types to your community.
Maintaining shared areas: Your HOA may also assess fees or other charges to provide upkeep for shared areas and green spaces in your community. These assessments can help you enjoy the most pleasant atmosphere and can provide safe places for children to play and adults to relax. For a relatively small investment, you can enjoy these areas as an added benefit from your HOA.
Consulting with a real estate professional, such as the experienced brokers with RE/MAX Masters Millennium, before signing any real estate contracts, can help you determine if the restrictive covenants of an HOA are acceptable to you and your family. The professionals at RE/MAX Masters Millennium can provide you with the planning and real estate counsel you need to achieve the best results