Homeowners Associations can actually protect your home value, you either love them or hate them. Do you really know what your HOA covers for your Neighborhood or Subdivision? Most all new construction developments will have some kind of restrictions for the neighborhood or a Home Owners Association established with an annual fee. HOA’s are becoming more common with Southwest Louisiana residential developments.
WHAT DO HOA FEES COVER?
The dues that are collected from every homeowner are used to maintain the neighborhood. There can be fence maintenance, common areas that require landscaping, electricity used for signage, water for sprinklers, etc. Some neighborhoods even have social activities for residents throughout the year. My neighborhood of Canal Place, erected a lighted flag pole, and resident volunteers help to maintain and landscape the entrance.
The HOA usually is managed by a Board of elected residents, or a Management Company. The Board has the authorization to make decisions and will conduct meetings throughout the year to update residents. Enforcing the restrictions are part of the responsibility of the HOA. Listed below is a copy of an 2018 Income Statement showing debits and revenue to give you an idea of how much it costs to maintain a subdivision.
WHAT ARE TYPICAL RESTRICTIONS?
Restrictions are usually items that are associated directly with the home residence. You may live in a neighborhood that requires all the mailboxes be the same, driveways may be required to have brick or stone aprons near the street, the windows facing the street could be required to be wood and not metal frames. There can also be paint color restrictions and specific fencing materials that must be adhered to. Any home improvements or additions to the residence may have to go through an architectural committee approval.
Its always a good idea when buying a property to ask for a copy of the neighborhood restrictions so you can be comfortable and accept those in place. If you don’t know whether you have restrictions or not in your subdivision, look inside your Abstract of Property (the big bound book) that is a history of your property. Abstracts are are still passed on to new owners at closing in Southwest Louisiana.
Searching for a neighborhood to move in or sell your current home? Contact me, call or text 337-499-9592, I’d love to hear from you!
