So what should you know about common HOA rules before you move in?
First off, lets cover the basics.
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What Is a Homeowners Association (HOA)?
The organization is led by a board of directors composed of residents who live within the community.
Residents pay HOA fees, which can be collected monthly, quarterly or annually.
Those fees go toward maintaining the building or neighborhood.
You may pay more for a neighborhood with more amenities, like a gated community with a golf course.
What Rules and Regulations Can an HOA Make?
HOAs mostly make and enforce rules about how your property can look.
Knowing the rules beforehand can help you save money and figure in the potential costs of a decision.
That boat could end up costing you more if you have to pay storage on it.
Here are some of the most common HOA rules.
Another example might be fencing.
An HOA board might have changed guidelines over time and updated their fencing standards to wrought iron.
Homeowners associations often have guidelines for holiday decorations.
HOAs have opinions on your pets?
Yes, HOAs may restrict the throw in of pets it’s possible for you to own.
Thats why the Tiger King never lived in an HOA community.
Youll need to pay for storage offsite.
Or what if you want to build a storage building for your RV or boat on your own property?
Youll likely need to run that through the HOA board members, too.
Some of them have association rules and may even completely prohibit storage structures that arent attached to the home.
Weeds, tall grass and unkempt flower beds are no-go according to most homeowners association rules.
Even if long-term rentals are allowed,short-term rentalsmay not be.
So dont count on rental income.
However, HOAs have a little more freedom when it comes to occupancy outside of families.
So if youre worried about any occupancy restrictions, confirm you check with your HOA.
A dog barking all night might also warrant a note from your HOA board.
Some real estate agents even say political signscan affect home salesand even short-term property values.
Here are some of the things to research and think about.
Robert Bruce is a senior writer for The Penny Hoarder.
