When asked about HOAs, people have differing opinions. Generally, HOAs refer to a group of homeowners who set the rules and regulations of the community and collect fees for the upkeep of common areas and, in some cases, exterior maintenance. But what is an HOA?
The HOA composes of a board that manages common areas of the community and the rest of the homeowners. Members of the committee usually volunteer while the members own homes within the neighborhood. An HOA board also enforces the HOA rules and regulations that accompany living in the community.
HOAs are common in most states. Tennessee alone has 4,880 HOAs and counting. Before buying a home in Knoxville, it is essential to ask your agent for the Covenants, Conditions, and Restrictions (CC&Rs) to ensure you if the policies in the CC&Rs fit with your lifestyle.
Depending on the community’s by-laws, HOAs maintain the neighborhood’s signage and landscaping. The HOA may also manage amenities like the clubhouse, swimming pool, and the roadways within the community. Furthermore, the HOA board holds regular meetings with homeowners to agree on rules and regulations. Generally, an HOA board will meet monthly.
Homeowners may pay HOA fees monthly or yearly. The fees cover maintenance costs of shared facilities and surroundings in the community. For instance, residents may pay for repainting the fences around the neighborhood. Additionally, HOA fees range from $50-$2,500 depending on the type of labor and cost of materials. Also, the HOA board may ask for a one-time expense in the event of calamities that damage common areas of the community. Homeowners may also incur fines if they break any of the rules.
Depending on the agreement, HOAs impose restrictions on home exterior improvements such as paint color, size of the fences, etc. They can even determine the number of occupants and pets allowed and limit household rentals.
Having an HOA can be an advantage if you agree to specific policies. One benefit is that it maintains peace and order in the community. There are rules like minimizing noise in the evening to help residents get a good night’s rest. Another benefit is that HOAs connect neighbors through community events. These activities help homeowners learn more about their neighborhood and make friends simultaneously.
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