Read the Neighborhood Restrictions!
What once was something homeowners had never heard of years ago is now growing in popularity– Neighborhood restrictions help maintain the home value of the subdivision. Restrictions help maintain the value of your property and that of the neighborhood. Most all new subdivisions developed have restrictions and covenants in place.
- If a subdivision is brand new, the neighborhood has to fill up with a certain percentage of homeowners before the HOA can be formed. Usually the developer and or contractor is a Board member in the beginning phase of a new project.
When homes are listed it is the agent’s responsibility to have the seller complete the property disclosures.
- In the disclosures, there is a place where the HOA amount can be entered but restrictions are not always attached. Worst case scenario, a buyer purchases a property thinking they can add onto their home or park a boat with no problem only to find out there are restrictions prohibiting such and the agent never told them.
- Realtors must take the extra incentive to find out about restrictions when listing or writing contracts. If the homeowner does not have a copy of the restrictions, they are usually in the Abstract or filed at the courthouse.
There are several Lake Charles Neighborhoods with Restrictions.
One of the most well known is Graywood in Lake Charles, Louisiana — probably the most restricted subdivision in all of Lake Charles. Graywood actually has a management company that enforces the restrictions. Violations can result in fines and even legal fees. Graywood also requires that at the time of contract, restrictions be attached to the contract as an addendum and the buyer initials the restrictions.
When homeowners are aware of restrictions upfront they are less likely to try to go against the covenants by doing something outrageous like parking a junk car, bringing in a trailer or not keeping up their yard!
It is a good policy to always read the Restrictions and advise buyers accordingly!