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What is an HOA? | Your Guide to Understanding Homeowners Associations - YouTube
Channel: Wise Move AZ
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What is an HOA and why are they
important?
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Hey everyone! Welcome back to
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my channel, I'm Lindsay with the Wise
Move AZ Team at Realty ONE Group. If you
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want to stay up to date on all things
Anthem and Real Estate then you need to
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hit that subscribe button!
Pro Tip: You're also going to want to hit the
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little bell icon so that you're the
first to know when our new videos are
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posted every single Thursday! As your
Anthem, Arizona REALTOR庐 I can't tell you
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how many questions I get about HOAs... SOOO many! HOAs are extremely common here in
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Arizona and it's important that you
understand what they do, why they do it,
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and how it impacts YOU! If you have specific
questions about HOAs that I don't cover
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in this video, feel free to drop me a
comment below or shoot me an email and
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I'll get back to you. At the end of this
video, I'll also give you exclusive
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access to our guide: Making a Change to
your Home or Yard? Five Must Know Tips
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for Working with your HOA to win their
Approval and their Trust! So, make sure
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you stick around until the end of this
video! First things first, what is an HOA?
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HOA is short for homeowners association.
HOAs are typically incorporated,
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nonprofit associations of homeowners,
that create and enforce bylaws and what
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are often referred to as CC&Rs. CC&R
stands for Covenants, Conditions, and
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Restrictions, and all of these are put
together into one big long document that
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basically acts as the HOA's bible. It
dictates what the homeowners can and
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can't do, what the HOA is responsible for,
and a ton of other really important
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information that impacts the homeowners.
I won't go into too much detail on this
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because the CC&RS are different for every
community. If you're ever having trouble
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sleeping at night, crack open your CC&Rs.
Just kidding! They actually contain
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really important information that we
encourage all homeowners to read before
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buying into a community. Because an HOA
is a non-profit it has members rather
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than shareholders. The members of the HOA
are the homeowners within the area
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that's governed by the HOA. This means
that if you live in an HOA governed
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community you are a member of the HOA.
The members of the HOA typically elect a
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Board of Directors. The Board is made up
of
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members of the HOA who volunteer their
time to assisting with enforcing the CC&Rs,
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and any other issues that may arise.
For example, the Anthem Country Club
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Community Association oversees over 2,800 homes and has a volunteer Board of
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Directors, made up of five volunteers.
Notice that I said volunteers, that means
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that these people have the thankless job
of dealing with member complaints. So,
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keep that in mind if you ever have to
deal with your HOA Board. What's that
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saying?.....
You catch more flies with honey, than
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with vinegar...yeah! Keep that in mind when dealing with your HOA Board. So, why do we
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have HOAs?
So, now that you know that the CC&Rs
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aren't exactly going to make Oprah's Book Club you might be wondering why do
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we even have all these covenants,,
conditions, and restrictions? Why don't we
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just live and let live? If you don't like
the idea of having an HOA there are
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definitely still options for you in
Arizona! But, if you're like me and a lot
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of other people you really like the idea
of having an HOA. The HOA helps to ensure
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orderly and harmonious enjoyment of the
community. It also helps to protect
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against depreciation of homes values
resulting from the deterioration of the
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community. For example, our HOAs here in Anthem enforce exterior painting.
They'll
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send you a notice when it's time to
repaint and they'll also dictate the
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colors you can use. In Anthem, we have
lots of color options, so this is no big
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restriction, but it's a huge benefit
because you don't have to worry that the
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neighbor is going to paint their house
lime green or that everyone lets their
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home's appearance deteriorate to the
point of hurting property values in the
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neighborhood. That's just one example.
The HOA may also govern the types of plants
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people can have in their yard,
maintenance of the common areas, and so
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much more! All of these things help to
ensure that the community maintains a
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uniform appearance and helps to protect
property values. If given the choice, I
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think we'd all choose to live in a place
where it looks like everyone cares about
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the appearance of the community and HOAs
help us do just that! How do HOAs
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impact you? Well, it's easy! If you buy
into a community that's governed by an
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HOA you become a member
of that HOA, and it's your responsibility to
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understand and abide by the CC&Rs. For
example, if the CC&Rs specify that you
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can only have one pet, but you have three
cats, four dogs, and six hamsters, it might
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not be the perfect community for you, or
if you absolutely have to have a palm
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tree in your yard but the CC&Rs dictate that only indigenous plants are
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permitted you might need to keep looking!
It's always a good idea to read the CC&Rs
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before buying into a community or at
least during your due diligence period
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once you put in an offer on a property. I
get that it's not fun reading but I
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promise, it's totally worth it so that
you don't have problems down the road!
So,
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there you have it! I hope that this video
about HOAs was helpful, and that you can
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go and look at neighborhoods and
communities with confidence! Also, if you
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haven't got your fill on HOA
information just yet, click the link in
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the description box below to download
our guide: Making a Change to your Home
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or Yard? Five Must Know Tips for Working
with your HOA to Win their Approval and
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their Trust! If you enjoyed this video,
let me know by hitting that like button,
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subscribing to our Channel, and sharing
this video with your friends! See YOU
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next Thursday!
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