Why did you purchase in the development you live in?

Started by TimB4 • 11 replies • 437 views

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TimB4 (Tennessee)
Posts: 21,059

Posted:

Previous threads discussed how an HOA can maintain or increase the “value” of homes or the “desirement” of the development.

To help illustrate what an HOA can or cannot accomplish toward those goals, I thought it would be good to discuss what factors had you purchase in your current development.

TimB4 (Tennessee)
Posts: 21,059

Posted:

To identify why you did not purchase in a different development, see the following thread: Why I did not purchase in some developments

TimB4 (Tennessee)
Posts: 21,059

Posted:

I purchased in my current development for the following reasons:

Read of the governing documents (I did not do this with my first home purchase)
Review of the Association finances (I did not do this with my first home purchase)
Fences allowed
Sheds allowed
Decks allowed
Streets wide enough to allow parking on both sides if needed
Minimal common amenities (means lower assessments)
Size of common area and how it looks.
Signage on the street (too much, too little, type, etc.)

MelissaP1 (Alabama)
Posts: 13,836

Posted:

I purchase my one home because it had a pool, lawnmowing, clubhouse, and affordable. Across street from Elementary school too. Dues were not high.

Will say that when 1st bought the HOA was in a bit rough shape. There were a few homes and common area that were not in best shape. Needed painted or the pool area needed work. It did make me think twice.

However, once got involved things improved. It is how you make it that makes difference. Homes took hours to sell and at higher prices by time I left. So making a difference by how you participate can help others value your home when you sell.

Former HOA President

GeorgeS21 (Florida)
Posts: 3,808

Posted:

I bought my last home because it had:

- fully developed and integrated with medical and light retail
- location and access
- parks, gazebo, picnic tables and landscaping
- paved walking paths around the community connecting to,
- sidewalks throughout
- well built homes of consistent design standards
- well maintained homes and properties
- well constructed CCRS, architectural standards, rules and regulations and bylaws
- effective, responsive management company
- generally effective board of directors who were aligned with governing docs and FS720
- properties there had held their value better in down market than most in the area
- properties there had increased in value during an up market better than most in the area

SheliaH (Indiana)
Posts: 6,964

Posted:

The main reason I bought into my community was (1) the attached garage, which is one of the reasons I wanted a house in the first place! (2) the price (3) the size of the patio was bigger than what I saw in the other units, probably because it was on the corner.

I didn't know much about HOAs - I'd taken a first-time homebuyers class and they didn't say a lot about them either but suggested I get a copy of the financials and the last 6 months or so of newsletters to get a sense of what was going on. Everything seemed in order, so I signed on the dotted line.

There was a pool, clubhouse and playground, but they weren't dealmakers for me, although I figured the pool would be nice for my niece and nephews to enjoy when they visited. As it turned out, the visits were usually in the fall after the pool was closed, so there's that.

Since then, I've learned A LOT about HOAs, not only from living in one and serving on the board for 10 years, but discovering and reading this site. Every time I think my neighborhood is crap, all I have to do is come to this website and see where it can be a lot worse. I don't think that about my neighborhood anymore - sure we still have some issues, but I moved in before the 2008 real estate meltdown and that's when things really started going crazy. Today, things have calmed down a lot, and I hope it's because of some of the things our board tried to do.

If it is not right do not do it; if it is not true do not say it. Marcus Aurelius

TimM11
Posts: 354

Posted:

I'm not in an HOA at the moment, so this is for my previous home.

To start, anything in my price range at the time was going to be in an HOA. I couldn't afford a SFH where I wanted to live or anywhere close to it, so that meant multifamily/attached housing. Basically, I was going to be in an HOA whether I wanted to or not. I was tired of renting and wanted a starter home.

I didn't know much about HOAs back then, though my realtor was helpful in educating me somewhat, along with a class I took for first-time homebuyers. I only looked at the HOA specifics for the homes I was seriously interested in, and I was mainly concerned about their pet policies and monthly dues, to be honest. Basically, I was looking more for dealbreakers rather than anything the HOA did that would attract me to the development.

I ended up buying the second home on which I made an offer, after getting outbid on the first. The finances were sound (Minnesota requires that information be given to buyers, and they have the right to cancel the purchase for a short period of time after reviewing the HOA docs) and there weren't any dealbreakers, plus the grounds and building exteriors were well-maintained. The factors that led me to choose the home I did were mainly cost, location, and the inspection, though the overall condition of the property played a small role too.

MarkM19 (Texas)
Posts: 1,459

Posted:

Tim,
The bottom line for deciding to live in an HOA for just a few.

1) Are you interested in having Amenities that are owned and used by a small group of Homeowners?
2) Do you want open space that is maintained by someone else and are willing to pay for its beauty?
3) Are you willing to follow the Community Rules?
4) Do you the Elected Board to make decisions for the entire HOA?

Over my 12 years living in an HOA and 10 years of being on Boards in those 2 separate Communities I have found that everyone is not built to be HOA members. Many don't realize they are part of and Association. Many want the rules followed by everyone else but don't tell them what to do. I have found that 95% of every HO has no idea how and why Reserves are maintained.

I wish HOAs could come up with a very short questionnaire. We all know no one reads the CC&Rs before they buy and most don't read them after they buy. My thoughts would be a simple contract saying that they agree with the Core beliefs of the HOA they are buying into.

CathyA3 (Ohio)
Posts: 6,299

Posted:

My reasons:

* New construction and builder reputation
* Best value in its price range in my area (in my opinion)
* Location near services such as stores, fire/EMT station, and medical facilities
* Absence of amenities such as pool or clubhouse, which lowers the monthly assessment
* Attractive floor plan (ranch-style end unit on south end of building - lots of sunlight! - with attached 2-car garage)

Because my community was under developer control when I bought, the finances were less of an issue. However, the developer/builder has a track record of leaving communities in good shape when they turn over control, so I had reason to expect the same.

So my decision was driven by a variety of things both internal and external to the community itself.

One thing I did not do - and which I know to do in the future - is check for the presence of other legal agreements that may not be directly associated with the community but which will affect us or that may be in the works. For example, there was an easement agreement that was in negotiation when I purchased that requires us to maintain a connector road to the main road. Because the agreement hadn't been recorded yet, there was nothing to find on the county recorder's web site - and apparently it didn't need to be disclosed at the time of purchase because it was still in negotiation. I'm still salty about that one...

JohnC46 (South Carolina)
Posts: 14,265

Posted:

My reasons and they come from having lived in 4 other HOA's:

What first attracted me was location. Had been looking in that area.
2nd was the neighborhood looked good when I drove through.
Attractive pricing.
New construction.
Size of development (112 homes).Selection of home layout and options.
Low dues.
No amenities. Did not want the hassle nor cost of having such.
City sewage and water.
City maintained streets but with HOA parking restrictions.
HOA does all landscaping and exterior home maintenance thus care free living.
New, nice, clean cars parked in driveways indicating money and pride.
Developer had me sign for and receive a copy of Covenants, Bylaws,
and rules and regulations even before I bought. Nothing hidden.
Developer gave me a copy of the budget even before I bought. Nothing hidden.

There were two things I did not like but now as a widower, they do not matter:
One car garage when we had two cars.
Master bath not large enough for a garden tub and a shower so I gave into my wife and got the garden tub. After she died, I had the tub ripped out and a nice, big, walking shower installed.

I could go on but enough for now.

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